- If XRP captures a small fraction of SWIFT’s transaction volume, its price could surge significantly, potentially reaching $100.
- Widespread adoption and regulatory clarity remain critical challenges for XRP to rival SWIFT’s global dominance.
In line with the development where Ripple enhanced the XRP Ledger (XRPL) with the launch of new Batch Devnet Servers, as CNF previously reported, the XRP Ledger (XRPL) has shown significant utility in the payments sector. The attractive features of XRP’s underlying blockchain have contributed to its confidence.
According to the Financial Crimes Enforcement Network (FinCEN), SWIFT processes over $5 trillion in daily transactions, amounting to roughly $1.25 quadrillion annually. In a recent tweet, Crypto Crusaders revealed, XRP will hit $60 overnight with this SWIFT news! Here’s the math!
$XRP WILL HIT $60 OVERNIGHT WITH THIS SWIFT NEWS! Here’s The Math!! pic.twitter.com/lbQPeSVD3j
— Levi | Crypto Crusaders (@LeviRietveld) October 9, 2024
Analysts argue that XRP should be trading at much higher levels, raising concerns about potential price suppression. One key opportunity lies in XRP potentially capturing a portion of the payment volume handled by SWIFT. Replacing even a small fraction of this volume could substantially increase XRP’s demand and market cap.
For XRP to rival SWIFT, it must secure widespread adoption among global financial institutions. While the XRPL boasts faster, cheaper transactions—processing payments in 3 to 5 seconds with minimal fees—SWIFT’s established network of over 11,000 institutions and decades of trust present a significant hurdle. Ripple’s existing partnerships leveraging XRPL indicate progress, but it will take time to match SWIFT’s vast reach.
Challenges and Future Outlook
One of XRP’s biggest challenges remains regulatory clarity, particularly in the U.S., where its ongoing legal battle with the SEC has hindered adoption. However, if the case closes without appeal, it could boost confidence in XRP’s market price, paving the way for broader acceptance by financial institutions.
In terms of scalability, the XRPL must handle vast transaction volumes to compete with SWIFT, which processes trillions daily. Ripple’s On-Demand Liquidity (ODL) service aims to address liquidity needs, but further improvements are necessary for XRP to challenge SWIFT.
Financial analysts speculate that if XRP captures even 5-10% of SWIFT’s transaction volume, its market cap could rise to $10 trillion, potentially driving the token’s price to $100 or beyond. However, significant challenges remain, including financial institutions trusting XRP as a secure, stable alternative to SWIFT.
As of now, Ripple (XRP) is trading at $0.5298, with a decrease of 1.14% in the past day and 2.15% in the past week.
