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Popular community figure Amelie predicts a massive spike in XRP’s price if its underlying network, XRPL, is used to process 10% of all SWIFT’s transactions.
In a recent X post, Amelie took a swipe at SWIFT (Society for Worldwide Interbank Financial Telecommunication), suggesting that XRP is a better alternative for cross-border settlements.
Ripple Says Swift Isn’t Fast Enough
In a recent X post, the community figure called attention to a Ripple advertisement stating, “Swift isn’t fast enough.” The remark was Ripple’s subtle critique of the global financial messaging giant’s transaction processing speed.
Interestingly, Ripple recommended that financial institutions adopt its solution to move value across borders instantly.
Commenting on the development, Amelie compared the transaction processing speed of SWIFT and XRP. According to the community figure, completing cross-border transactions on SWIFT typically takes three to five business days. Conversely, Amelie claimed that XRP-related transactions can be completed within four seconds.
Following the analysis, Amelie echoed Ripple’s sentiments, emphasizing that SWIFT is not fast enough compared to XRP.
XRP to Surpass $1,000 If It Processes 10% of SWIFT Transactions
Consequently, the enthusiast speculated that all SWIFT transactions will eventually be processed via the XRP Ledger (XRPL), the underlying blockchain of the XRP token.
Interestingly, she suggested that the price of XRP could surpass $1,000 per token if 10% of all SWIFT’s network transactions are processed via the XRPL. However, Amelie did not provide details regarding how XRP could achieve this milestone.
SWIFT VS. XRP:
SWIFT: 3-5 working days
XRP: 4 seconds cross-border-payments
SWIFT ISN‘T FAST ENOUGH!
I believe all Swift transactions will soon be processed via #XRPL 💵💱💴
10% of SWIFTs network = $1,000+ per XRP! pic.twitter.com/Jt6mumQHfb
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) July 20, 2024
Can XRP Replace SWIFT?
Several crypto enthusiasts have been comparing XRP to SWIFT in recent years. In particular, popular crypto asset manager Grayscale characterized XRP as an alternative to SWIFT. Notably, some users have taken this comparison to greater heights by projecting that XRP might eventually replace SWIFT due to its inefficiencies, including slow transaction processing.
XRP potentially replacing an established system like SWIFT would require more than community support. Factors such as the final resolution of the SEC lawsuit, increased institutional adoption of XRP, and large-scale commercial partnerships leveraging Ripple’s payment solution could play pivotal roles in XRP’s potential replacement or integration with SWIFT.