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HomeCrypto NewsMarketPundit Makes Case for XRP Rally to $10,000, Citing XRP’s Potential to Replace SWIFT

Pundit Makes Case for XRP Rally to $10,000, Citing XRP’s Potential to Replace SWIFT

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The Head of Social Adoption at XRP Healthcare, Edward Farina, has made a case for an XRP surge to $10,000, citing XRP’s potential to replace SWIFT for cross-border payments.

In a post on X, Farina argued that the prospect of XRP hitting $10,000 should not be completely dismissed. His argument rests on the principle of supply and demand and the potential of XRP to replace SWIFT, the current global system for cross-border payments.

Could XRP Replace SWIFT?

SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a messaging system facilitating secure communication and transactions among financial institutions globally. It plays a role in the efficient functioning of international money transfers.

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However, SWIFT has some drawbacks, such as high fees, elongated settlement periods, and the need for pre-funded accounts in foreign currencies. 

XRP, on the other hand, offers a faster, cheaper, and more reliable alternative for cross-border payments, as it can bridge any two currencies and settle transactions in as little as 3 seconds, with an average fee of $0.0002.

Farina explained that the current SWIFT system handles billions of transactions per hour. This occurs despite its existing drawbacks.

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According to him, if RippleNet, Ripple’s global network of financial institutions, replaces it, these transactions could go through XRP. Recall that Grayscale recently called XRP an alternative to SWIFT.

Notably, capturing such volume could drive utility and demand for XRP. Farina stressed that while most people realize that XRP is capable of growing beyond its current position, they view the asset’s growth potential in a limited angle.

“They’re failing to realize that Financial Institutions move hundreds of trillions worldwide. If XRP captures a tiny fraction of that, it will catapult XRP to unprecedented levels,” Farina remarked.

XRP’s Attractive Features

Farina also compared XRP to other popular cryptocurrencies, such as Bitcoin and Ethereum, as well as SWIFT itself. He claimed that XRP has a clear advantage over them in terms of speed. This advantage extends toward scalability and cost-effectiveness.

Remarkably, data suggests that XRP boasts a TPS (transactions per second) of 3,400, according to Ripple. However, Ripple’s CTO David Schwartz confirmed that this figure is actually 300 to 500. This is still higher than Ethereum (29 TPS) and other prominent blockchains.

While Farina does not particularly predict that XRP would necessarily skyrocket to $10,000 should it become the dominant standard for cross-border payments, he believes the asset’s ability to hit similar heights should not be downplayed by industry commentators.

However, not everyone in the crypto community agrees with Farina’s assertions. This is mostly due to XRP’s current price position. XRP currently trades for $0.6184, with a volume of $1.27 billion. Hitting $10,000 from this current position would require a 1,616,976% increase.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Sam Wisdom Raphael
Sam Wisdom Raphael
Sam Wisdom Raphael is a seasoned crypto news writer and journalist with 5 years of experience covering blockchain, DeFi, and crypto developments. Sam's active presence in the crypto community complements his deep understanding of the crypto space, allowing him to craft comprehensible price analysis reports and tackle technical blockchain concepts.

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