In a recent conversation about the developments that ripple has made so far, Ripple CTO Stefan Thomas stated that one of the companies that is testing Xrapid is American Express. This got XRP investors excited because it is a sign that XRP is getting closer to becoming a global standard for payments all across the world. American express is one of the world’s largest financial corporations, and its credit card services have acceptance all across the world. As such if it starts using XRP, then it will be a huge boost for XRP in terms of adoption. Amex will be joining a growing list of financial institutions that are using XRP, including SBI Japan, and Mercury FX in China.
Over and beyond that, Stefan touched on the fact that the adoption of XCurrent was more widespread in the finance industry, especially in banking. While XCurrent has nothing to do with XRP (XRP) investors, it is an indicator of good things to come in the future. That’s because Xrapid provides 60% more savings for financial institutions, when compared to XCurrent. This means that any organization that is using XCurrent has a huge incentive to transition to Xrapid at some point in the future. Besides, the transition from XCurrent to Xrapid is a seamless process. Since there is a huge pool of companies using XCurrent at this moment, it then follows that the use-case for XRP will be huge in the future, as these institutions begin to make the switch. Just to give you an idea of how big the switch from XCurrent to Xrapid will be, take a look at this statement from Stefan below.
“XCurrent is more established, and has been rolled out by large banks.”
From this statement it is clear that the global banking industry is going big on XCurrent. As such, the moment they start making the switch to Xrapid, it will pretty much take over global banking, and become the standard for cross-border payment. It makes the possibility of XRP replacing SWIFT in cross-border payments a huge possibility.
All these are reasons to be bullish on XRP (XRP), not just for speculative reasons but because they will accelerate its burn rate, and drive up the value of XRP coins in the long-run. Besides, at this point, XRP is one of the few cryptos to have a tested and proven real-life utility. So much so, that even exchanges are moving to XRP as a base currency for its speed and low transactional costs.
This high and growing utility value of Ripple XRP errands to a huge potential for value growth in the long-run. The potential to reach even some of the wildly speculative price levels that are constantly thrown around is actually quite high. That’s because it has a burn rate that is premised on transactions, and with the cross-border payments market worth trillions of dollars, then it follows that XRP (XRP) being worth hundreds of dollars in the future is quite plausible.