- XRP could easily rally from $60 to $100 if Ripple launches a platform that would go head-to-head against SWIFT.
- The same scenario could play out if SWIFT announces support for XRP or the integration of XRPL in its payment settlement solutions.
SWIFT Expansion to Digital Assets
Recently, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced its plan to support digital assets and digital currencies by 2025. The new feature could potentially boost the adoption of these financial instruments as the cross-border messaging system bridges more than 11,000 institutions in 200 countries and territories.
The move comes following years of criticism over the platform’s slow and outdated messaging system between banks and other supported financial institutions. Typically, SWIFT transactions take one to two days to settle as opposed to other digital payment systems and blockchain-based technologies’ almost real-time or instantaneous processing. In addition, the alternatives offer much lower fees, particularly the Web3-based solutions.
Moreover, SWIFT has gained widespread notoriety as a tool used by the West to isolate nations that do not serve its interests.
Ripple to Overthrow SWIFT
Hot on the heels of SWIFT’s announcement, Ripple revealed that it’s working on a suite of new features for Ripple Custody. The institutional-grade solutions aim to cater to FinTech and crypto-native businesses.
Ripple remains mum on speculations about its potential competition against SWIFT. However, analysts expect its XRP Ledger (XRPL) digital ledger technology (DLT) to attract a significant chunk of the traditional messaging system’s clientele if it indeed decides to go head-to-head against it on a worldwide scale.
XRPL’s benefits to businesses in the global setting can’t be understated. It is considerably faster because it lacks intermediaries, unlike SWIFT which intercedes between institutions. The former only takes three to five seconds with minimal fees. The latter still stands out, though, with its expansive network.
On the other hand, there are also rumors that SWIFT is considering the adoption of XRP as one of its supported digital assets. Meanwhile, others are throwing in the idea that the institutional messaging system is eyeing to integrate XRPL for asset tokenization to meet the growing demands of the digital asset economy.
In both scenarios, popular crypto analyst Levi Rietveld predicts XRP’s likely climb to $60 overnight. Many believe that the token could even surge up to $100 in a short time if any of these events come to fruition.
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Ripple’s Regulatory Roadblocks
Despite these positive forecasts, the US Securities and Exchange Commission (SEC) under its current leadership remains a thorn in Ripple’s plans for expansion. Based on the recent developments of the SEC v. Ripple case, the former is presently seeking an appeal for the lower court’s declaration of XRP as a non-security when sold to retail investors.
Nonetheless, the crypto community has been rallying on Ripple’s side to put an end to the regulator’s tyrannical treatment of cryptocurrencies outside of Bitcoin (BTC) and Ethereum (ETH). For Ripple CEO Brad Garlinghouse and his legal team, they are confident that the appellate court will unlikely overturn the lower court’s ruling because the SEC’s arguments are “irrational and misguided from the start.” They claim that the agency is just fighting a lost cause now.
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