2023-11-26 20:40 |
The Head of Social Adoption at XRP Healthcare, Edward Farina, has made a bullish case for XRP rocketing to the $10,000 level if Ripple’s enterprise-facing network, RippleNet, replaces SWIFT in the global banking system.
How XRP Could Reach $10,000Edward Farina has recently proposed a scenario where XRP could soar to $10,000 as RippleNet takes over the legacy SWIFT system of cross-border payments.
In a post on the X platform, Farina wrote about the tenets of market dynamics, arguing against popular misconceptions concerning XRP’s potential growth trajectory. “Few people seem to understand the principle of supply and demand. I always see people being shocked when they see someone saying that $XRP can reach 10k. (Not saying it necessarily will.),” he posited.
The pundit observed how global financial institutions like SWIFT move hundreds of trillions of dollars worldwide. This makes Farina think that XRP can skyrocket to unprecedented levels if it can just capture a small fraction of the sector.
Ripple was designed to topple the traditional SWIFT system of cross-border payments. Offering a swifter process using RippleNet, unaffected by the weekend or holiday delays and free of the absurd transaction costs associated with SWIFT transfers, Ripple aims to create a crypto-based solution closely mirroring the traditional financial ecosystem.
The company’s cross-border payment network RippleNET, uses XRP as a bridge currency to facilitate the transfer of value between different international currencies for its clients. Since its inception, RippleNet has openly touted itself as a competitor to SWIFT.
Farina further highlighted XRP’s technological superiority over other popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), specifically in terms of transaction speed and finality. “XRP settles value in real-time (an average of 3 seconds) and with finality. BTC cannot do that, neither ETH nor SWIFT. Period,” the XRP Healthcare executive opined.
XRP’s Potential Takeover Of SWIFTGrayscale has also recently affirmed XRP’s potential to overtake the global interbank messaging network SWIFT. The asset manager wrote in its latest “Currencies Crypto Sector” report that “Beyond Bitcoin, XRP is the second largest asset. Designed as an alternative to SWIFT, XRP aims to offer fast cross-border payments at lower transaction costs than competitors.”
Ripple has long maintained it intends to break SWIFT’s monopoly on cross-border transactions between banks. Nonetheless, taking down a global financial juggernaut has not proved easy.
Ripple has been stuck in a lawsuit with the U.S. Securities and Exchange Commission (SEC) for nearly three years over whether XRP qualifies as a security. While a federal judge in July ruled that Ripple’s programmatic sales of XRP on exchanges were not securities offerings, the case resolution could be a potential boon for RippleNet.
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