RippleNet could streamline SWIFT's $7 trillion daily transactions, slashing fees from $50 to pennies with near-instant settlements.
Liquidity pools may need to reach $1 trillion, requiring token prices of $100 to support global financial transactions efficiently.
Central banks like JPMorgan and Bank of America are exploring the adoption of RippleNet, which could significantly drive demand and boost token prices.
Crypto Tank's remarks have brought back the thought of XRP reaching $1,000. Crypto Tank suggests that XRP may see a notable rise in value because of its essential function in the international financial sector, mainly if it is used by financial firms for cross-border payments. The findings emphasize the present-day SWIFT system, which processes $5-7 trillion daily while encountering both speed and cost issues.
SWIFT's Role and XRP's Potential Integration
While SWIFT is responsible for global messaging, its settlements are handled by distinct systems, including TARGET2 and FEDWIRE. Each transaction may reach $50 and can take days to settle. With XRP's assistance, messenger and settlement can happen within seconds, potentially leading to significant annual cost savings for banks and financial institutions. Process a small part of SWIFT's everyday transactions through XRP, and you will increase interest in the token.
Liquidity Pools and Adoption by Financial Institutions
XRP Ledger (XRPL) needs substantial liquidity for colossal transaction volumes. Equipping the seamless transfer of assets like digital currencies and fiat currencies liquidity pools could empower XRP to manage global transaction flows.
https://twitter.com/FarshadRouhani5/status/1840018610070151612
As more institutions such as JPMorgan and Bank of America investigate XRP, the need for liquidity pools may rise, which could drive up the token's value. According to Crypto Tank, if 10 billion XRP were placed in these pools, the price might increase to $100 per token and hit $1,000 as usage surges.
Achieving a price of $1,000 for XRP is disputed because of the considerable market cap elevation needed. Many consider raising XRP's current market cap to more than $100 trillion impractical. Supporters think greater involvement in the financial sector and broader acceptance can help reach this goal in time. XRP-based solutions like RippleNet might unlock the path to increasing its price.
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