A YouTube video from The JWK Show Too, delves into the potential for Ripple’s XRP to replace the SWIFT payment system. The analyst views are supported by insights from a Forbes report.
This report emphasizes that Ripple aims to cater primarily to banks and financial institutions. It positions itself as a superior alternative to traditional cross-border payment methods like SWIFT.
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XRP Price Prediction
The analyst notes that if Ripple does indeed supplant SWIFT, XRP could be responsible for managing trillions of dollars in transactions. Such a high transaction volume could lead to a significant surge in XRP’s price, with estimates suggesting it could reach anywhere between $50 and $500 based on AI predictions.
Further insights from Watcher Guru predict a more conservative value of $10 for XRP if it replaces SWIFT. However, the analyst finds this figure quite low, arguing that given SWIFT’s extensive daily transaction volumes, a much higher valuation for XRP is more plausible.
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Show more +Ripple’s Engagement With Key Industry Players
The video also touches on Ripple’s active engagement with key industry players. Notably, James Wallace participated in a panel discussion alongside Citibank’s Grace Chow at the New York Summit 2024, showcasing Ripple’s involvement in critical financial discussions.
Major companies, including Citibank, S&P Global, and Coinbase, were present, underscoring Ripple’s strategic positioning in the financial landscape.
The analyst recounts the ongoing rivalry between Ripple and Citibank. In a 2023 incident at the World Economic Forum in Davos, where Ripple’s CEO, Brad Garlinghouse, pointedly referenced competition with Citibank’s liquidity services and SWIFT’s messaging system.
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Ripple’s acquisition of the custody platform Medico, which previously served Citibank, further intensified this rivalry. Following this acquisition, Citibank severed ties with Medico and even terminated Garlinghouse’s personal banking relationship, highlighting the friction between the two entities.
Despite these challenges, the analyst remains optimistic about Ripple’s potential for growth and broader banking adoption. The video suggests that if XRP gains traction among banks globally, competitors may eventually need to adopt it to remain relevant in the evolving financial ecosystem.
Additionally, the integration of the XRP Ledger with Metamask is announced, allowing its 30 million active monthly users to access XRP accounts seamlessly. New secure wallets for the XRP Ledger are also undergoing audits, enhancing security for users.
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