Levi, a YouTube channel with more than 100,000 followers, posted a video to explain why XRP could reach $10,000 per coin. The speculation is based on an interview by Ripple’s Vice President of Central Bank Engagements James Wallis, who revealed several pieces of information, including partnerships with central banks and the role of XRP Ledger (XRPL) in these initiatives.
Levi thinks that the alignment of information shared by the VP could make XRP spike to $10,000 in the future.
Let’s look at some of the information shared in the video.
Wallis revealed that Ripple is conducting massive pilot projects involving private XRP ledgers across every continent except Antarctica.
These pilots are important for XRP’s potential mass adoption and its integration into global financial systems.
Wallis explains that the technology developed by Ripple for central banks involves private blockchains based on the public XRP ledger.
Each central bank receives a customized, private version of the XRP Ledger. These ledgers are permissioned, meaning only authorized entities can use them, ensuring privacy for the banks.
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Wallis highlights that the public XRPL has processed billions of transactions, proving its reliability. The private versions retain these strengths but offer the privacy central banks require.
The narrator adds context, explaining that central banks prefer private ledgers to prevent other banks and the public from accessing their transaction data. This privacy is critical due to practices like fractional reserve banking.
The Need for Intermediaries in Central Bank Projects
Wallis discusses the role of intermediaries, stating that central banks are not equipped to directly manage accounts for individual citizens. Instead, they rely on commercial banks and other financial entities for distribution, onboarding, KYC (Know Your Customer), and other processes.
He also mentions that Ripple is working on over 10 active projects across multiple continents, involving both established banks and emerging financial entities, particularly in regions where traditional banking is underdeveloped.
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The narrator emphasizes the large-scale adoption of private XRP ledgers by central banks across multiple continents. The belief is that as more central banks and financial institutions begin using XRP for their operations, demand for it will surge, driving up its price.
Regulatory Clarity and Mass Adoption:
Ripple won its long-standing case with the SEC, which provided some regulatory clarity and could spike more adoption, particularly in the U.S.
The victory could encourage institutions that were hesitant to adopt XRP to begin to use the solution. This could make its demand increase and could also spike its price.
Cross-Border Interoperability Could Increase Scarcity
Wallis highlights the challenge of cross-border interoperability, especially when different jurisdictions have varying regulations on currency holding. This is an area of focus for Ripple as they work on ensuring smooth cross-border transactions using XRPL.
When more institutions start using XRP, the available supply in circulation could diminish, further driving up the price due to increased demand and limited supply.
It is important to note that the $10,000 target is only speculative, and various factors may affect the price of XRP from getting to such targets. The price target is only based on the crypto analyst’s, and it is best to carry out your own research before making financial decisions.
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The post XRP Price Could Spike to $10,000 Based on These Revelations by Ripple’s Vice President appeared first on CaptainAltcoin.
