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Ben Armstrong, popular crypto influencer known as BitBoy, discussed the potential and importance of XRP beyond Ripple‘s endeavors in the banking sector in a recent episode of crypto analysis. BitBoy aimed to shift the focus away from XRP’s current price performance and shed light on factors that could positively impact its existence.
The SWIFT Payment System
BitBoy first focused on the flaws of the current cross-border payment system, particularly the SWIFT network. He explained that since 1973, SWIFT has relied on third parties for the clearing and settlement of financial payments between banks. This intermediary system often leads to delays, inefficiencies, and increased costs.
BitBoy emphasized that while these issues might be manageable for smaller transactions, they have become significant barriers for businesses dealing with trillions of dollars in daily FX market transactions. The debate on this issue continues.
Ripple’s Solution: RippleNet and XRP
BitBoy highlighted Ripple’s response to these challenges through the development of RippleNet, a payment network established in 2012 as a faster and more cost-effective alternative to SWIFT. RippleNet provides real-time payment and remittance services, offering advanced cross-border payment solutions to financial institutions.
BitBoy specifically pointed out that XRP serves as the native asset of the XRP Ledger (XRPL), which is utilized to facilitate transactions within five seconds at minimal cost. XRPL can process up to 1,500 transactions per second. The crypto influencer emphasized that this payment system has partnered with over 100 financial institutions in 55 countries and supports over 120 fiat currency trading pairs.
Wide Applications of XRP
BitBoy also highlighted the various use cases provided by XRP beyond Ripple’s banking initiatives. He mentioned governance, accounts, tokenization, decentralized finance (DeFi), and NFTs as areas where XRP is utilized.
Additionally, BitBoy praised the XRP community for their efforts in creating interesting projects on the XRP Ledger (XRPL). Notable projects mentioned include xSPECTAR, XPUNKS, and Sologenic. He emphasized that the XRP ecosystem extends beyond Ripple’s banking focus and praised the XRP Army as the strongest crypto community.
Regulatory Clarity and Future Growth
BitBoy highlighted XRP’s unique regulatory position in the United States, stating that it is the only altcoin with clear regulatory clarity in the American market. This regulatory advantage could make projects built around XRP particularly attractive to investors and users.
In conclusion, BitBoy advised the XRP community to stay informed, closely monitor market developments, and remain resilient amidst the challenges faced after the SEC case. Despite these challenges, BitBoy believes that XRP is in a favorable position to achieve significant gains in the upcoming bull run.
