Ripple Inc. is a blockchain protocol that is designed to solve real-world issues such as enhancing international settlements. Nevertheless, SWIFT is dominating this sphere, as it is handling the majority of the remittance payments in the world.
SWIFT is recognized and established in more than 200 countries. As a result, Ripple Inc. is now seen as the biggest rivalry to SWIFT since it offers cheaper and faster means for international settlements because of its blockchain technology.
The innovative technology of Ripple is now being adopted by financial service providers, banks, and other FInTech firms in the world today. There is a striking point that states if Ripple Inc. gets five to ten percent of the business volume of SWIFT, the value of XRP could skyrocket overnight.
How XRP Can Grow If It Gets Percentages of SWIFT’s Business
XRP is currently trading around $0.26 and its trading volume over the past twenty-four hours is $240 million. On the other hand, the annual volume of SWIFT is about $1.25 quadrillion – which results in a daily volume of about $4 trillion. If XRP can manage to increase its volume and get the same trading volume as SWIFT, there will be a big boom in the value of XRP.
From the historical data of XRP, the average daily and price fluctuation of XRP within 5 years is $191 million and 7.25 percent respectively. If XRP gets mainstream adoption and gets only one percent of SWIFT’s business, using the daily volume of SWIFT, the daily volume of XRP would be over $47 billion and its value would be about $5.57 – this value still has the tendency to increase with an increase in demand for XRP.
Also, if XRP sees ten percent of the business volume of SWIFT, the daily volume of XRP would increase to about $478 billion, hence increasing the value of XRP to about $50 or more.