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Highlights
- The BRICS group is considering a new payment scheme for cross border settlement
- XRP is reportedly under consideration in this payment scheme
- The move, if confirmed can trigger massive rally of the coin
XRP has taken center stage following Russia’s confirmation of the BRICS group’s ambitious plans to develop a new independent payment system. As BRICS advances its currency sufficiency scheme, the potential role of XRP in this innovative financial infrastructure has captured widespread attention. This move aims to reduce reliance on traditional financial systems and promote economic collaboration among member nations.
Is XRP In View as BRICS Bridge Currency?
According to a research paper first spotted by XRP enthusiast Amelia, Russian President Vladimir Putin has confirmed that the bloc is finally moving forward with its alternative currency plan. From the report, there are indications the bloc would explore the use of Ripple-associated XRP for cross-border settlements.
🚨 BRICS NEWS:
Russian President Putin confirms BRICS is developing its own independent payment system! 🇷🇺
And according to a document about the Central of Bank of Russia they will most likely use #XRP for cross-border payments!
BRICS 🤝🏼 XRP pic.twitter.com/ecEKIz3IF5
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) June 7, 2024
Before now, the Bank of Russia introduced a project on cross-border transfer implementation. This project reportedly considered the use of the Ripple payment system. It was perceived as an excellent basis for the development of a system for cross-border settlements for the group. It is worth noting that XRP is known for its transaction speed and low costs. Hence, it seem like a viable system the bloc is considering to revolutionize its international payment goals.
This move to adopt the cryptocurrency may trigger a massive jump in the price of XRP. CEO & Founder of Cryptonairz, Robert Doyle (Crypto Sensei) believes that XRP’s price may reach $10,000 if BRICS countries adopt it widely. There is a general opinion that member countries in BRICS stands to gain so much from choosing XRP as their alternative to the United States dollars. The volatile currencies and developing economies of these nations are perceived as challenges that XRP could improve.
Ripple’s growing network of alliances with well-known financial institutions is also regarded as an advantage that the BRICS nation could leverage.
Also Read: Tech and Crypto Stocks Rebound Ahead of Fed Meeting
XRP Uses Cases Grows Exponentially
Generally, these partnerships are indicative of XRP’s growing use cases and recognition across several nations. With how much XRP has improved in the last few months, especially after Judge Analisa Torres ruled on July 13th that the crypto is not security, there are already discussions about the possibility of a XRP ETF.
Ever since the Securities and Exchange Commission (SEC) gave its nod to spot Bitcoin ETFs and recently to spot Ethereum ETFs, experts have begun to weigh in on the implementation of other crypto ETFs.
In an interview, CEO of Ripple, Brad Garlinghouse, talked about the launch of XRP ETF. He highlighted that the approval of Ethereum ETFs gives him confidence that XRP might also gain approved as well. Also, Ripple President Monica Long strongly supported an XRP ETF, stating that would make “a lot of sense,” given the current regulatory clarity surrounding XRP and Bitcoin in the U.S.
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