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- BRICS paper mentions that XRP Ledger (XRPL) as a possible system to power a shared digital payment networks as fast, cheap, built to connect different currencies.
- If BRICS really use XRPL, demand for XRP could surge, driving prices up to $5 in the short term.
Following the Russia movement highlighted by a recent Crypto News Flash (CNF) update, as they move forward with a gold digital asset pilot to find advanced payment solutions for the BRICS bloc, there is currently an official report from the BRICS alliance, comprising Brazil, Russia, India, China, and South Africa.
According to some recent reports, a new BRICS paper mentions the XRP Ledger (XRPL) as a possible system to power a shared digital payment network. So far, market observers says XRPL stands out because it is fast, cheap, and already built to connect different currencies.
Especially, as noted on the Infobrics website, the requirement for an alternative financial system is that:
BRICS nations require a fast, neutral, and censorship-resistant infrastructure to conduct cross-border transactions. In response to this need, there are rumors that BRICS is testing Ripple’s XRP Ledger.
To this end, XRP could become the bridge for transferring money quickly and securely, with no need to create a new token. Instead, it would help settles international trade backed by assets like gold. Together, along with the expanding partners, it now has explicitly highlighted the XRP Ledger (XRPL) as a key technology in the development of a shared cryptocurrency framework.
Some reason why XRPL could work better is that, first, unlike traditional systems like SWIFT, XRPL can be settle transactions in just a few seconds at very low cost. Secondly, it also supports digital assets like stablecoins and tokenized goods, which are useful for cross-border trade.
Market Implications for Ripple (XRP) Price
Ideally, if BRICS really uses XRPL, it potentially could push up demand for XRP, the digital asset that powers the ledger. As as shared in a tweet, associated with the BRICS, it is noting that:
The simplest, yet most advanced and low-cost blockchain feature that enables the aforementioned four exchanges to take place directly between BRICS traders and banks (and allows a seamless disintermediation of transactions between separate parties without the need for outside third parties such as the IMF) is smart contracts,
According to another CNF related post of today, XRP price reported to hold $2.70 support while the whale accumulation increasing at the same time.
As of now, BRIC Chain is trading at the price of $17.10 with an increase of 0.3% in the past day, while Ripple (XRP) is trading at the price of $2.80, increased by 1.95% in the past 24 hours. See Ripple (XRP) price chart below.