thecryptobasic.com
King Karan, founder of The Alpha Husky Club NFT and Bitrue ambassador, says it would be a huge mistake for anyone to miss out on XRP’s potential integration into the global banking system.
The crypto expert asserted in an X post yesterday while expressing confidence in the seventh-biggest cryptocurrency by market cap.
Notably, King Karan stated that he is not bothered about whether XRP rallies significantly within the next two years. He expressed confidence in his diversified investments in multiple altcoins, emphasizing that he will generate profit irrespective of when XRP records a significant uptick.
However, he emphasized that anyone who misses out on XRP’s potential integration into the global ‘financial banking system’ could be making the biggest mistake.
For me it doesn't matter if XRP will take off tomorrow or 2 years later.
I have my money on enough alts that money will be made no matter what.
But the biggest mistake someone can make is missing out on XRP's implementation into the financial banking system.
— 👑 𝕂𝕚𝕟𝕘 𝕂𝕒𝕣𝕒𝕟 👑 (@KingKaranCrypto) June 27, 2024
Potential Impact of XRP’s Integration in the Banking System
Karan’s remark suggests that the integration of XRP into the banking system could positively impact the coin’s price.
Hence, while the Bitrue ambassador is not bothered about XRP’s short-term price action, he still recognizes how the coin’s potential integration into the banking system could impact its performance.
At press time, XRP has staged a daily increase of 2.7% to $0.4768. The slight gain comes after the coin recorded a weekly dip of 2.06%.
XRP Use in Payment
Meanwhile, besides trading, XRP has demonstrated its utility in global payments. On a retail scale, XRP’s spending volume surged 42% in January, with the coin leveraged to facilitate 7,310 payments to businesses across 113 industries.
Beyond retail, several financial institutions, especially ODL, have adopted XRP for cross-border settlements via Ripple’s payments solution. It is common knowledge that ODL leverages XRP as a bridge between fiat currencies.
As reported earlier, the use of XRP on ODL accounts for 50% of all transactions conducted through RippleNet. For context, RippleNet (now absorbed into Ripple Payments) is a decentralized network of global banks leveraging Ripple’s technology for payments.
Interestingly, more financial institutions are partnering with Ripple, with many utilizing XRP for cross-border settlements. The Crypto Basic reported earlier this month that 80% of Japan’s banking industry has formed partnerships with Ripple. In particular, the report indicated that 60 Japanese banks have already adopted Ripple’s payment technology.
As Ripple’s payment technology continues to gain popularity, it is only a matter of time before more banks adopt the solution, thus potentially leveraging XRP for cross-border settlements.