Bitboy notes the potential of XRP, highlighting multiple uses beyond Ripple’s endeavors for the banking sector.
In a recent episode of his crypto analysis, crypto influencer Ben Armstrong, aka Bitboy, weighed in on XRP. Bitboy attempted to shift the focus away from XRP’s current price performance to things that would more favorably impact the asset.
Armstrong’s comment comes amid XRP’s failure to skyrocket beyond bounds amid the pivotal court ruling from the United States. The influencer sought to explain vital points the XRP armies are missing about Ripple and why they should be excited.
In this video, I explain what everyone is missing about the Ripple Case & why the #XRPArmy should still be excited.
— Ben Armstrong (@Bitboy_Crypto) August 23, 2023
Issues with SWIFT Payment
Armstrong first elaborated on the current expensive and time-consuming cross-border payments system in the analysis. He discussed how SWIFT facilitated financial payment services between banks worldwide since its inception in 1973.
Bitboy highlighted that SWIFT relies on third parties for clearing and settling transactions. He noted that this intermediary system often results in delays, inefficiencies, and added expenses.
Bitboy stressed that the inefficiencies could be insignificant for smaller transactions involving a few hundred dollars. However, it magnifies into a multi-billion dollar cost for businesses in the FX market, which oversees trillions of dollars daily.
How Does Ripple Solve it?
Meanwhile, Armstrong underscored the potential of digital assets, specifically XRP, in addressing the problem of cross-border payment.
Armstrong highlighted that Ripple developed a payment network, RippleNet, in response to Bitcoin in 2012. Ripple designed the network to provide financial institutions with a faster, cost-effective alternative to the notorious slow SWIFT.
The crypto influencer highlighted that RippleNet was a real-time settlement system, currency exchange, and remittance network rolled into one. However, Ripple has reimagined its services into cross-border payment, On-Demand Liquidity (ODL), and a central bank digital currency (CBDC) platform.
55 Countries Use XRP with 120 Fiat Pairs
After highlighting Ripple’s solution to global payment, Bitboy then elaborated on the place of XRP in the endeavors. He mentioned that XRP is the native asset of the XRP Ledger (XRPL). He noted that XRPL comprises developers, server operators, users, and businesses who collectively maintain the ledger.
Furthermore, Bitboy noted that transactions on XRPL settle within five seconds at a negligible cost. He added that the XRPL blockchain can handle 1,500 transactions per second.
Bitboy noted this payment system attracted partnerships from over 100 financial institutions, including Santander Bank, the Canadian Imperial Bank of Commerce, and Bank of America. He added that over 55 countries signed on to use XRP with over 120 fiat currency trading pairs.
Meanwhile, Bitboy highlighted Ripple’s recent membership of the International Swaps and Derivatives Association (ISDA). He argued that it is a significant development that could further integrate XRP into the derivatives and legacy financial markets.
In his words:
“Ripple intends to continue to integrate blockchain technology into every aspect of the Legacy financial markets. Simply put, they want the whole banking system to use RippleNet and ODL for everything.”
Projects Building with XRP
Furthermore, Bitboy mentioned that many more products are being built with XRP than just what Ripple solves for Bankers.
He delved into the multitude of use cases that XRP enables. It includes governance, accounts, tokenization, decentralized finance (DeFi), and non-fungible tokens (NFTs).
Moreso, he commended the XRP community for its efforts in building interesting projects on XRPL. The mentioned XRP ecosystem projects include xSPECTAR, XPUNKS, and Sologenic.
— bill morgan (@Belisarius2020) August 23, 2023
After highlighting XRPL suites of products, Armstrong stressed that the XRP ecosystem extends beyond Ripple’s endeavors for the banking sector. He restated that the XRP Army is the strongest crypto community.
He also emphasized XRP is the only altcoin with regulatory clarity in the United States. In his words:
“When they build things around XRP, they’re building something that has a unique regulatory standing in the American market. And that standing could make what their building very attractive to investors and users alike.”
Armstrong concluded his analysis by advising the XRP community to stay educated, observe developments in the market, and remain resilient amid competition. He reiterated that while XRP faced challenges following the SEC lawsuit, it is now poised for substantial gains in the upcoming bull run.