XRP Could Soon Skyrocket if it Has 10% of SWIFT’s Market
The blockchain protocol Ripple could help different financial institutions improve their efficiency and reduce costs. However, the most important system used nowadays to move funds around the world is SWIFT.
At the moment, SWIFT has over 200 countries on its network. But Ripple is now SWIFT’s biggest competitor. Ripple provides cross-border transaction solutions in a much more efficient way. Ripple’s services are being adopted by different banks and institutions all over the world. Nonetheless, if Ripple is able to get between 5% to 10% of SWIFT’s business, XRPs price could substantially increase.
XRPs price is currently $0.26 dollars and has moved over 190 million of dollars in 24 hours. SWIFT has a volume of $1.25 quadrillion dollars or $4 trillion dollars per day. But if XRP manages this volume, its price would certainly skyrocket.
In the last 5 years, XRP had an average fluctuation of 7.25% per day and 191 dollars in trading volume. If Ripple is able to get just 1% of SWIFT’s business, XRPs trading volume would be close to $50 billion dollars per day and the cryptocurrency would have a price of $5.57 dollars.
If the Ripple is able to acquire a bigger market share, the famous virtual currency could be traded for over $50 dollars. The number could be even higher if Ripple grows at faster rates.
However, there are some banks that are using other virtual currencies to operate for sending and receiving funds across different countries. For example, an Argentinian bank sends and receives funds from abroad using Bitcoin (BTC). Ripple is not the only competitor in the market. There are several companies that are trying to improve their presence in the market and offer similar services as SWIFT. It is just a matter of time to see what will happen with XRP.
At the moment of writing, XRP is the third most important virtual currency in the market with $10.39 billion dollars market cap. Additionally, each token can be bought for $0.26 dollars.