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An American entrepreneur has spotlighted bold predictions for XRP, focusing on its potential role in revolutionizing international finance by either complementing or supplanting the SWIFT network.
Revolutionizing Finance: XRP’s Role Against SWIFT
During a recent episode of his popular show Valuetainment, Patrick Bet-David discussed the prospect of XRP either surpassing the SWIFT network or taking on part of its operations. This scenario could notably elevate the valuation of the cryptocurrency.
Bet-David emphasized that XRP remains a noteworthy asset for those who may not be heavily engaged in the crypto space, due to its unparalleled features. He contemplated an ideal situation where the native token of the XRPL could fully take over the SWIFT financial messaging system and possibly even the FedNow service.
He commented on the rapid processing capabilities of the XRPL, able to finalize transactions in just three to five seconds at an extremely low cost, making it vastly superior in efficiency compared to SWIFT, which handles around $5 trillion in transactions daily, amounting to about $1.25 quadrillion each year.
Anticipating XRP Valuations: $1,000 in Sight?
In his analysis, Bet-David projected what a 10% market share of SWIFT’s transaction volume would imply for XRP. His estimates suggested that a yearly transaction total of $125 trillion could see XRP’s market cap reach approximately $10 trillion.
Significantly, through these forecasts, he speculated that XRP could attain a price of $100 per token. Furthermore, he acknowledged that some market analysts even predict a surge to $1,000 should XRP completely replace SWIFT.
While Bet-David conceded that some of the analysts making these claims might have vested interests in XRP, he asserted that their projections offer insights into what might unfold if XRP taps into its full capacities.
He also pointed out that the ongoing legal issues with the U.S. SEC have posed considerable challenges, hindering institutional adoption. However, he believes a positive resolution may rejuvenate confidence and pave the way for a more accommodating regulatory landscape in the U.S., which is vital for widespread implementation.
Ripple Leadership Advocates for XRP as a SWIFT Alternative
Bet-David’s opinions resonate with sentiments expressed by Ripple executives over recent years. Ripple’s CEO, Brad Garlinghouse, has consistently supported XRP as a legitimate alternative to SWIFT.
In an interview earlier this year, Garlinghouse emphasized the remarkably low error rate of XRP at just 0.1%, compared to SWIFT’s 6%, and argued that Ripple’s technology offers a superior framework for contemporary financial transactions.
Additionally, during a conversation with Fox Business anchor Maria Bartiromo, he conveyed confidence that Ripple could become a credible competitor to SWIFT, attributing this to growing irritation with outdated banking systems.
At the World Economic Forum in Davos this past April, Eric van Miltenburg, Ripple’s Senior Vice President for Strategic Initiatives, described Ripple as a modern upgrade—or even a replacement—for SWIFT, highlighting its faster and significantly more cost-effective nature.
Back in November 2018, Garlinghouse made strong predictions during a Bloomberg interview about Ripple’s potential to dominate over SWIFT. Similarly, in May 2020, Ripple’s Chairman, Chris Larsen, suggested that XRP could eventually take the place of SWIFT during an episode of Block Stars.
Disclaimer: This content is intended for informational purposes only and should not be viewed as financial advice. It is recommended to conduct comprehensive research before making any investment decisions.
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🚀 Patrick Bet-David highlights XRP’s potential to replace SWIFT and what it could mean for price action. Some believe it could go as high as $1,000 👀 #XRP
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https://twitter.com/thecryptobasic/status/1234567890123456789— The Crypto Basic (@thecryptobasic)
