As we all know, Ripple is a blockchain protocol that aims to solve real problems such as improving cross-border payments. However, we also know that SWIFT is managing remittance payments in the world. SWIFT has about 200+ countries registered on its network. Given that, currently, Ripple is considered the biggest competitor of SWIFT since it provides a faster and cheaper means for cross-border due to its blockchain technology.
Ripple's powerful technology is now being adopted by banks and other FinTech companies around the world today. Next, there is a strong point that emphasizes that if Ripple could get 5-10% of SWIFT's assets, its price could skyrocket overnight. In this article, we will conduct a critical analysis of Ripple's XRP brand price if it reaches certain percentages of SWIFT's activities.
The market price of Ripple's cryptocurrency, XRP, is around 26 cents and the volume of the last 24 hours is 192 million. On the other hand, SWIFT's annual volume is about $ 1.25 billion or about $ 4 trillion a day. However, if Ripple (XRP) can increase its volume and reach a volume equal to SWIFT a day, we should see a "big boom" in its price.
However, from Ripple's historical data – its ups and downs, Ripple's average XRP price fluctuation and daily volume within five years is about 7.25% and $ 191. If Ripple becomes mainstream and only gets the 1% share of SWIFT activity (using the daily volume of SWIFT of around $ 4 trillion), the daily Ripple volume will be $ 47,892,720,306.57, and its price would be around $ 5.57 / XRP – this price is likely to go up if there is a strong demand for Ripple.
In addition, if Ripple gets 10% of SWIFT's assets, the daily Ripple volume will be $ 478, 927,203,065.13 or somewhere close to the figure, thus making XRP's price at $ 50 or more.
Also, let's assume that Ripple gets 100% of SWIFT's business (you never know, e-mails replaced posts by almost 100% now, Ripple is somehow e-mail from publish when it started), there will be 25,000 times increase in the volume of XRP. The price of XRP would be $ 526.96.
These results seem astronomical, but they can be reached. Ripple can become the only cross-border solution in the world. In addition, the Ripple team is doing all it can to improve its technology and offer a better solution for cross-border payments worldwide.
Ripple continues to work hand in hand with a lot of FinTech Companies today; not only that, but it is also making its token (XRP) to be at the top of the market.
XRP is priced at 26.7 cents at the time of writing, but there is a 'high chance that its price will soon increase, since it has become the best choice for banks and other financial institutions . Once the global financial sector recognizes Ripple for its global remittances, its token price (XRP) could rise to $ 50 or more.
XRP has become the third largest cryptocurrency in the cryptographic sphere today and we should not be surprised if it becomes the next big digital asset in the market. But at present, all this is nothing but an "imaginary" calculation.
In order for such things to happen, Ripple must mark an incredible leap in global adoption. However, since the Swift system is not scalable enough with today's volumes and speeds, there's a good chance Ripple's blockchain technology can take away a lot of it when it comes to international payments around the world. .
There are almost 8000 banks worldwide, imagine only if only 1000 of them will switch to Ripple from Swift, what would be the price of Ripple's XRP? Yes, $ 50 per coin may not be the price then, but it will be much more than it is now.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Photos of SpaceX on Unsplash