In a recent episode of his crypto analysis, popular crypto influencer Ben Armstrong, known as BitBoy, discussed the potential and significance of XRP beyond Ripple’s initiatives in the banking sector. BitBoy aimed to shift the focus away from XRP’s current price performance and shed light on factors that could positively impact the asset.
Addressing Issues with SWIFT Payment System
BitBoy first focused on the flaws of the existing cross-border payment system, particularly the SWIFT network. He explained that SWIFT, which has facilitated financial payment services among banks since 1973, relies on third parties for clearing and settling transactions. This intermediary system often leads to delays, inefficiencies, and increased costs.
Read Also: BitBoy’s Suggested Amount Required to Become XRP Millionaire Implies a $6.7 Price Rally
BitBoy emphasized that while these issues might be manageable for smaller transactions, they become significant hurdles for businesses in the FX market that deal with trillions of dollars daily.
People thought $XRP would skyrocket after the SEC failed to classify it as a security in the Ripple lawsuit.https://t.co/M6rdq7joVU
In this video, I explain what everyone is missing about the Ripple Case & why the #XRPArmy should still be excited.
— Ben Armstrong (@Bitboy_Crypto) August 23, 2023
Ripple’s Solution: RippleNet and XRP
BitBoy highlighted Ripple’s response to these challenges with the development of RippleNet, a payment network established in 2012 as a faster and cost-effective alternative to SWIFT. RippleNet serves as a real-time settlement and remittance network, providing financial institutions with improved cross-border payment solutions.
Notably, BitBoy pointed out that XRP serves as the native asset of the XRP Ledger (XRPL), which is used to settle transactions within five seconds at minimal costs. XRPL can handle 1,500 transactions per second.
The crypto influencer emphasized that this payment system has attracted partnerships with over 100 financial institutions across 55 countries, as well as support for over 120 fiat currency trading pairs.
XRP’s Wide Range of Use Cases
BitBoy also highlighted the diverse range of use cases enabled by XRP beyond Ripple’s banking initiatives. He mentioned governance, accounts, tokenization, decentralized finance (DeFi), and non-fungible tokens (NFTs) as areas where XRP is being utilized.
Furthermore, BitBoy commended the XRP community for their efforts in building interesting projects on the XRP Ledger (XRPL). Notable projects mentioned include xSPECTAR, XPUNKS, and Sologenic. He emphasized that the XRP ecosystem extends beyond Ripple’s banking focus and praised the XRP Army as the strongest crypto community.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: BitBoy Picks XRP To Lead the Next Bull Run. Here’s why
Regulatory Clarity and Future Growth
BitBoy underscored the unique regulatory standing of XRP in the United States, stating that it is the only altcoin with clear regulatory clarity in the American market. This regulatory advantage could make projects built around XRP particularly attractive to investors and users.
In conclusion, BitBoy advised the XRP community to stay informed, closely monitor market developments, and remain resilient amidst competition. Despite facing challenges following the SEC lawsuit, BitBoy believes that XRP is now well-positioned for substantial gains in the upcoming bull run.
In response to the viral video, prominent pro-XRP lawyer Bill Morgan, wrote, “Like him or not Bitboy is correct. I like it that he gave a special mention to three projects on the XRPL. xSPECTAR, XPUNKNFTs, and Sologenic.”
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