Ripple’s relentless efforts to stay on top of the crypto radar have been successful. In its pursuit of global recognition, a leading institutional player has led XRP to claim a noteworthy spot in the cryptocurrency domain.
Ripple is known for launching RippleNet, an able competitor to the current SWIFT system, which can effectively carry out transactions at a very fast pace. As XRPL spreads like wildfire, we cannot help but wonder about the possibility of it replacing SWIFT and what will happen if it manages to do so.
Will XRP soar to new heights, then? Let’s find out.
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RippleNet vs. SWIFT: The Global Contender
Source – Bitcoinist
According to data from BIS, the global cross-border transaction market had already hit $130 trillion in 2022. These metrics are a testament to how huge the cross-border payment market is in all its glory.
The fact that these numbers are consistently rising speaks volumes about the daily workload that this market manages. SWIFT is an active player in the market; the system processes nearly 42 million messages daily, covering transactions across 11,000 financial institutions in over 200 countries.
Now, Ripplenet is the newest player in the domain, and it was launched to give stiff competition to the SWIFT System. As of 2023, Ripplenet has successfully transacted with 300 institutions, processing billions.
Regarding technology, SWIFT deploys a FIN method to authenticate and process transactions after receiving bank confirmation, while Ripplenet relies on blockchain to validate transactions. The technology eliminates the need for intermediaries to process transactions, making it a relatively fast technology.
If Ripplenet manages to replace SWIFT completely, it can catapult the price of XRP to new highs. If it holds global attention and the transaction market, XRP may eventually breach the $10 price mark and continue to rise.
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How High Can XRP Spike Post The Event?
Image: ChatGPT
Per AI, XRP can trade between $50 and $500. The portal later shared how this price range can be achieved. Ripple processes a fraction of the global transaction volume, potentially helping the token skyrocket in value.
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At the same time, the portal predicted that if XRP becomes a pivotal complement of the global finance structure, its price could hit the $100-$500 range. This may happen when Ripple manages to absorb “SWIFT’s entire workload and potential. “
