Steph (@Steph_iscrypto), a recognized crypto analyst on X, recently shared a rumor that multiple banks are testing XRP within the SWIFT infrastructure. While this information has not been confirmed, the potential significance is clear. Historical data shows that SWIFT processes roughly $5 trillion per day, and if the cryptocurrency were integrated into that environment, it could dramatically elevate its use case and market relevance. According to Steph, “multiple banks are reportedly testing XRP” inside the SWIFT framework. Documents from SWIFT have previously mentioned XRP as a bridge currency for a vast network of over 11,000 banks, and if the digital asset is being tested on this network as Steph Is Crypto suggests, it may be on the verge of a breakthrough. Steph Is Crypto acknowledged the information is speculative but argued that if it leads to live depldeploymentoyment, the effects on XRP could be transformative. This lines up with the long-held belief that XRP offers a practical alternative to traditional systems due to its efficiency. A Technological Upgrade Over SWIFT XRP is capable of settling transactions in seconds, compared to the multi-day process typically associated with SWIFT. Transaction costs are also substantially lower, which has made the asset attractive to institutions looking to modernize their cross-border payment systems. For years, XRP has been viewed by many experts as a technology that could either supplement or replace SWIFT’s slower infrastructure. Ripple CEO Brad Garlinghouse has also weighed in, calling SWIFT outdated and arguing that XRP can usher in a new era for cross-border payments. Ripple has built its network of financial partners, and deeper interoperability with legacy systems like SWIFT could accelerate the digital asset’s adoption on a global scale. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Unconfirmed but Possible No official statement has been issued by Ripple or SWIFT to confirm the testing. Still, the rumor does not seem far-fetched given Ripple’s ongoing efforts to position the digital asset as a bridge asset for cross-border settlements. If financial institutions were to integrate XRP into their existing SWIFT-based operations, the resulting demand could significantly impact the token’s value. Steph pointed out that SWIFT’s $5 trillion daily volume represents a major opportunity. If XRP is being tested as part of this ecosystem, and if those trials lead to real-world implementation, Ripple could find itself at the center of high-value financial activity. Recent analysis suggests capturing just 1% of SWIFT’s daily volume could send XRP to $35.86 or higher. If it happens, this development would represent one of the most significant moments in the digital asset’s history. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Rumor: Banks Are Testing XRP Within SWIFT Infrastructure appeared first on Times Tabloid .
https://www.digistore24.com/redir/325658/ceobig/
