Ripple CEO Says XRP Could Become the Standard for Institutional Crypto Payments Within Five Years

Ripple CEO Brad Garlinghouse said that $XRP could become the standard in institutional cryptocurrency payment infrastructure within the next five years. Garlinghouse stated that the company will continue to expand the use of $XRP.

Speaking at Ripple’s annual Swell event last month, Garlinghouse offered his assessments on $XRP’s role in institutional payment systems.

Ripple’s CEO stated that they aim to see $XRP achieve wider use cases in institutional cryptocurrency payments.

Garlinghouse stated that they will prioritize $XRP in customer transactions when the appropriate conditions are met. However, they emphasized that using $XRP for every payment may not be the most suitable option.

He said that traditional fiat currencies or the $RLUSD stablecoin developed by Ripple might be more suitable for some transactions.

Garlinghouse also shared important data regarding the total transaction volume of $16 trillion conducted through Ripple products.

According to the Ripple CEO, 99.9% of current transactions are still conducted through traditional financial payment networks.

Garlinghouse stated that he expects between 1% and 3% of this transaction volume to begin being conducted on blockchain next year.

Based on the current volume of $16 trillion, this estimate suggests that approximately $160 billion to $480 billion worth of transactions will be moved online.

However, these figures reflect Garlinghouse’s expectations for next year, not actual transactions.

Ripple’s strategy involves increasing the use of $XRP in institutional payment infrastructure while also evaluating fiat currency and $RLUSD options to meet different payment needs.

Garlinghouse’s statements reveal his expectation that the transition from traditional payment systems to blockchain-based infrastructure could accelerate in the coming years.

*This is not investment advice.