Despite many challenges posed by adopting blockchain technology for international banking, XRP holds a strong position in this industry. There are many use cases for the blockchain, and it is used by many banks due to its operational benefits.
Ripple is used as a payment solution by banks, governments and institutions. Ripple's primary use cases are cross border payments, crypto liquidity and CBDC.
It is a common misunderstanding that banks will hold XRP. Banks are only using ripple as a vehicle to move their funds. Yes, they buy ripple, but then they sell it to transfer the ripple into the native currency of the partner of exchange. As far as I understand, the banks are not buying and holding ripple.
Westpac, but also the Australia and New Zealand Banking Group and the Commonwealth Bank of Australia (CBA), are all three testing out payment technology from Ripple Labs.
You can easily trade your Australian dollars with XRP on Independent Reserve.
Coinstash is also one of the only digital currency trading platforms that has participated in Australian government Austrade's landing pad program. You can safely buy XRP in Australia with Coinstash!
If the court rules in Ripple's favor, XRP's value could skyrocket. However, a ruling against it could send XRP to zero. Given the nature of the risk involved, long-term investors should avoid XRP.
However, according to Ripple's website, over 300 banks are currently using their xrp technology. The Ripple platform aims to transform payments by utilizing Internet-based real-time gross settlement (RTGS). In addition to being an RTGS network, Ripple provides currency exchange and remittance services.
XRP has gained the trust of both financial institutions and investors, which could make it a more reliable, stable investment than some other alt-coins. Additionally, XRP has a finite number of coins, unlike some other cryptocurrencies, where tokens are constantly being created and mined.
Despite many challenges posed by adopting blockchain technology for international banking, XRP holds a strong position in this industry. There are many use cases for the blockchain, and it is used by many banks due to its operational benefits.
To reach $500, XRP's market cap will be worth $26.1 trillion, which would be higher than the GDP of America today. It would be incredibly impractical for XRP to reach this level. Below we'll give our detailed analysis on the XRP price prediction $500. Trade on BTCC with 10 FREE USDT.
The XRP Ledger is decentralized, and its operations would not be affected even if Ripple lost the ongoing legal case against the SEC.
It is impossible for XRP to ever overtake Bitcoin's rate. XRP would then have to increase 50,000 times while Bitcoin would stand still. The more coins available, the lower the value of one coin will be. Bitcoin has a limited supply – 21 million coins.
XRP vs.
RippleNet is Ripple's cross-border payment network. It does not need XRP to function.
Ripple built both its private ledger and the CBDC platform on the XRP Ledger, and the “private ledger is based on the XRPL but does not require XRP to operate,” a Ripple spokesperson told Blockworks in an email. “Central banks using the [CBDC] platform do not use or interact with XRP,” they continued.
It's pretty clear that XRP will never reach a price of $10,000, as the coin's market capitalization would be unrealistically larget at that price. The only way 1 XRP could be worth $10,000 would be through a massive coin burn program or a redenomination of XRP.
Bitcoin leads in accessibility, as the system allows anyone to trade or carry Bitcoin across the world, independent of all jurisdictions. XRP is more like a specialized tool that is designed for settling cross-border transactions with lower costs and quicker speeds than traditional fiat currency.
Based on current projections, most experts have agreed that Ripple's price can go up to the $250-$300 range in ten years. Ripple Coin News says that Ripple price could rise to $30 in 10 years.
Will XRP be worth $1000 by 2030? Our Ripple price prediction estimates XRP could reach possible highs of $9 by the end of 2030. Based on its supply of 100 billion tokens, $1000 per XRP coin would put the market cap at 100 trillion.
In particular, the regulatory body has the authority to levy a fine on Ripple Labs and demand that the business register XRP as a security. As a consequence, a judgment of this kind would certainly result in XRP being treated in the same manner as conventional securities, which may restrict both its adoption and usage.
In the latest development, the Bank of Australia's largest financial conglomerate, CommBank, said that they would be using Ripple's XRP and ISO 20022 standard for cross-border payments.
Ripple Labs, Inc. is an American technology company which develops the Ripple payment protocol and exchange network. Originally named Opencoin and renamed in 2015, the company was founded in 2012 and is based in San Francisco, California.