Amelie, a prominent figure in the cryptocurrency community, forecasts a substantial rise in XRP’s value if its underlying blockchain, XRPL, processes 10% of SWIFT’s total transactions.
In a recent update on X, Amelie aimed SWIFT (Society for Worldwide Interbank Financial Telecommunication), proposing that XRP represents a superior alternative for international financial settlements.
Read Also: XRP Potential Role as BRICS Officially Announces SWIFT Replacement
Ripple Critiques SWIFT’s Transaction Speed
Amelie spotlighted a Ripple advertisement that criticized SWIFT’s efficiency, with the tagline, “SWIFT isn’t fast enough.” This statement served as Ripple’s subtle jab at SWIFT’s slower transaction processing times and suggested that Ripple’s technology offers a faster solution for cross-border transactions, hence recommending it to financial institutions.
According to Amelie, while SWIFT transactions generally require between three to five business days to complete, transactions on the XRP network can be finalized in approximately four seconds. This comparison underscores the significant speed advantage of XRP over SWIFT.
In line with Ripple’s assessment, Amelie emphasized that SWIFT’s transaction speed is comparatively sluggish, reinforcing the notion that XRP is a more efficient alternative.
$1,000: XRP Price if it Handles One-tenth of SWIFT Transactions
Amelie is convinced that all SWIFT transactions will soon be processed by the XRP Ledger (XRPL). She argues that the advantages offered by XRPL, such as its ability to provide near-instantaneous settlement times and significantly lower transaction costs compared to traditional banking systems, make it an ideal solution for global financial transactions.
Furthermore, this highlights the security and transparency of blockchain technology, which underpins XRPL, as critical factors that will drive its adoption over the conventional SWIFT network. She is confident that these benefits will compel financial institutions worldwide to transition to XRPL, ushering in a new era of efficiency and reliability in cross-border payments.
Based on this analysis, Amelie speculated that if XRPL were to handle 10% of SWIFT’s transaction volume, XRP’s price could potentially exceed $1,000 per token. Although she did not provide detailed projections on how this price increase could be achieved, the speculation highlights the significant potential value of XRP if it gains a larger share of international transactions.
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Read Also: XRP Poised to Take Over As Russia Plans SWIFT Replacement for BRICS
Could XRP Displace SWIFT?
The debate over whether XRP could replace SWIFT has gained traction in recent years. Grayscale, a prominent cryptocurrency asset manager, has identified XRP as a potential substitute for SWIFT. Some advocates believe that XRP’s superior speed and efficiency could eventually lead to it replacing SWIFT, which is criticized for its slow transaction processing.
For XRP to replace or integrate with SWIFT, several factors would need to be addressed. These include the resolution of the ongoing SEC lawsuit, increased adoption of XRP by institutional investors, and the establishment of significant commercial partnerships that utilize Ripple’s payment technology.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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