Pundit Makes Case for XRP Rally to $10,000, Citing XRP’s Potential to Replace SWIFT
The Head of Social Adoption at XRP Healthcare, Edward Farina, has made a case for an XRP surge to $10,000, citing XRP’s potential to replace SWIFT for cross-border payments.
In a post on X, Farina argued that the prospect of XRP hitting $10,000 should not be completely dismissed. His argument rests on the principle of supply and demand and the potential of XRP to replace SWIFT, the current global system for cross-border payments.
Could XRP Replace SWIFT?
SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a messaging system facilitating secure communication and transactions among financial institutions globally. It plays a role in the efficient functioning of international money transfers.
However, SWIFT has some drawbacks, such as high fees, elongated settlement periods, and the need for pre-funded accounts in foreign currencies.
XRP, on the other hand, offers a faster, cheaper, and more reliable alternative for cross-border payments, as it can bridge any two currencies and settle transactions in as little as 3 seconds, with an average fee of $0.0002.
Farina explained that the current SWIFT system handles billions of transactions per hour. This occurs despite its existing drawbacks.
𝐑𝐈𝐏𝐏𝐋𝐄𝐍𝐄𝐓 𝐒𝐖𝐈𝐅𝐓 𝐊𝐈𝐋𝐋𝐄𝐑: The road for $XRP to $𝟏𝟎𝐊
Few people seem to understand the principle of supply and demand.
I always see people being shocked when they see someone saying that $XRP can reach 10k. (Not saying it necessarily will.)
The current… pic.twitter.com/Vyv5sRMEjh
— EDO FARINA 🅧 XRP (@edward_farina) November 22, 2023
According to him, if RippleNet, Ripple’s global network of financial institutions, replaces it, these transactions could go through XRP. Recall that Grayscale recently called XRP an alternative to SWIFT.
Notably, capturing such volume could drive utility and demand for XRP. Farina stressed that while most people realize that XRP is capable of growing beyond its current position, they view the asset’s growth potential in a limited angle.
“They’re failing to realize that Financial Institutions move hundreds of trillions worldwide. If XRP captures a tiny fraction of that, it will catapult XRP to unprecedented levels,” Farina remarked.
XRP’s Attractive Features
Farina also compared XRP to other popular cryptocurrencies, such as Bitcoin and Ethereum, as well as SWIFT itself. He claimed that XRP has a clear advantage over them in terms of speed. This advantage extends toward scalability and cost-effectiveness.
Remarkably, data suggests that XRP boasts a TPS (transactions per second) of 3,400, according to Ripple. However, Ripple’s CTO David Schwartz confirmed that this figure is actually 300 to 500. This is still higher than Ethereum (29 TPS) and other prominent blockchains.
While Farina does not particularly predict that XRP would necessarily skyrocket to $10,000 should it become the dominant standard for cross-border payments, he believes the asset’s ability to hit similar heights should not be downplayed by industry commentators.
However, not everyone in the crypto community agrees with Farina’s assertions. This is mostly due to XRP’s current price position. XRP currently trades for $0.6184, with a volume of $1.27 billion. Hitting $10,000 from this current position would require a 1,616,976% increase.