XRP In The Spotlight As Russia Confirms New BRICS Payment System

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As a researcher with a background in finance and cryptocurrencies, I find the potential adoption of XRP by the BRICS group as an intriguing development. The confirmation from Russian President Putin that the bloc is moving forward with its alternative currency plan and exploring the use of XRP for cross-border settlements is significant.

As a crypto investor, I can tell you that the BRICS countries are making strides towards enhancing their financial independence by exploring the possibility of creating their own payment system. This scheme, which aims to reduce reliance on traditional currencies and financial institutions, could potentially revolutionize international transactions among these emerging economies.

Is XRP In View as BRICS Bridge Currency?

As a researcher, I came across an intriguing finding in a recent study brought to my attention by an XRP enthusiast named Amelia. According to this paper, there are hints that the Russian bloc is progressing with its plans for an alternative currency, and President Vladimir Putin himself has confirmed this development. The report suggests that the bloc is considering utilizing Ripple‘s associated digital asset, XRP, for cross-border transactions.

BRICS NEWS:
Russian President Putin confirms BRICS is developing its own independent payment system!
Based on information from a Russian Central Bank document, it’s expected that they may utilize Ripple (#XRP) for cross-border transactions.
BRICS XRP
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) June 7, 2024

Prior to this point, the Bank of Russia unveiled a proposal for facilitating cross-border transfers. Reports indicate that this initiative explored the integration of Ripple’s payment system. This could potentially serve as a solid foundation for enhancing the bloc’s cross-border settlement infrastructure. It is noteworthy that XRP, the digital asset associated with Ripple, is renowned for its swift transaction processing and minimal fees. Consequently, it appears that this system is under serious consideration within the group to transform their international payment objectives.

This move to adopt the cryptocurrency may trigger a massive jump in the price of XRP. CEO & Founder of Cryptonairz, Robert Doyle (Crypto Sensei) believes that XRP’s price may reach $10,000 if BRICS countries adopt it widely. There is a general opinion that member countries in BRICS stands to gain so much from choosing XRP as their alternative to the United States dollars. The volatile currencies and developing economies of these nations are perceived as challenges that XRP could improve.

The expanding network of partnerships between Ripple and established financial giants presents a significant opportunity for the BRICS countries to utilize.

XRP Uses Cases Grows Exponentially 

XRP’s increasing popularity and acceptance in various countries can be seen through these partnerships. Following its significant advancements over the past few months, including Judge Analisa Torres’ ruling on July 13th that XRP is not classified as a security, there are ongoing talks about the potential creation of an XRP Exchange-Traded Fund (ETF).

Following the SEC’s approval of Bitcoin and Ethereum spot ETFs, there has been growing discussion among experts regarding the potential launch of similar exchange-traded funds (ETFs) for other cryptocurrencies.

During an interview, Brad Garlinghouse, the CEO of Ripple, expressed optimism about the potential approval of an XRP Exchange-Traded Fund (ETF). He drew parallels to the recent approval of Ethereum ETFs, implying that XRP might follow suit. Moreover, Monica Long, Ripple’s president, voiced her support for an XRP ETF, asserting that it would be logical under the current regulatory climate in the United States regarding XRP and Bitcoin.

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2024-06-08 02:25