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Ripple’s $XRP is on the run to reach the same level as globally recognized payment systems such as SWIFT and also to compete with them.
With the help of Volante Technologies’ payment infrastructures, Ripple’s payment could, in the near future, serve major U.S. banks.
Community interest rises
According to Whale Insider, $XRP is enabled for FedNow Payments via Volante’s Ripple integration. Volante’s Ripple integration unlocked $XRP for instant FedNow payments.
Volante Technologies is a payment infrastructure provider that plays the role of a universal adapter for financial institutions.
In simple terms, Volante serves as middleware for major U.S. banks. Thus, banks can use various networks such as FedNow, RTP, Fedwire, SWIFT, and now Ripple. With the connection, banks can now settle through $XRP on the same rails the Fed uses for 24/7 real-time transfers.
However, it’s important to note that there’s no official Federal Reserve confirmation that positions $XRP as one of the service providers for FedNow.
Although FedNow and $XRP both sit on Volante options for payment, it doesn’t mean they’re connected to each other directly.
How did the market respond?
Since Volante enjoys a substantial market reach, it means $XRP’s ability for growth is enormous. And the market responded positively to the growing speculation over the FedNow connection.
In the Spot market, for example, demand for $XRP intensified. The netflow dropped to -$12.9 million, marking the third consecutive day.
This is a clear confirmation of the growing market optimism and speculation that FedNow links could spark another market rally. Thus, buyers have continued to buy, anticipating more gains.
Moreover, $XRP’s total transaction count climbed to a four-month high of 3.2 million. The rising transactions point to rising network activity, with more users entering the network amid the FedNow news.
If the growing community buzz grows into something substantial, it could positively impact $XRP’s price action. The altcoin could finally flip $1.6 and target $2.
For now, however, the issue of FedNow remains only a community talk, and for a true impact, it will need a direct confirmation from the Federal Reserve.
Final Summary
- $XRP enabled for FedNow Payments via Volante’s Ripple Integration, unlocking $XRP for instant FedNow payments.
- However, there is no official Federal Reserve confirmation that positions $XRP as one of its service providers.