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.
CryptoNews on Binance Feed: CommBank announces migration to XRP standard starting November 2022 | Binance Feed. Australian Commonwealth Bank is transitioning cross-border payments to the ISO 20022 Standard, a standard already met by Ripple.
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.
Following the Commonwealth Bank of Australia's (CBA) move to partner with Ripple Labs in using blockchain technology for its offshore transactions, other banks in Australia joined the bandwagon.
As announced by the NAB, the decision to make use of the RippleNet solution stems from the protocol's ability to deliver real-time cross-border payments at relatively cheaper and faster turnaround times.
XRP has not entered mainstream use quite yet. The financial institutions that use Ripple's network are still in the testing phase. While XRP has potential in the international payment space, it has yet to be thoroughly tested by large, mainstream banks.
If you're looking for a low-cost way to begin investing in cryptocurrency, XRP might be a good option due to its growth potential. Be prepared for the coin to dip or spike sharply based on the final SEC court judgement.
he price of XRP is predicted to reach at a minimum level of $1.11 in 2026. The XRP price can reach a maximum level of $1.27 with the average price of $1.14 throughout 2026. By the end of 2023, the XRP price is forecasted to be on average $0.5129. The expected maximum price is $0.6411, minimum price $0.4359.
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.
XRP and XLM are ISO 20022 Compliant
Besides being utilized as collateral for payments, XRP is used for currency conversion and cross-border transactions.
Ripple is used by a network of hundreds of financial banking institutions, including American Express, Bank of America, SBI, Santander, and many others. The network transacted $168.41 billion worth of XRP globally in Q4.
Is It Too Late to Buy XRP in 2022? It's still not too late to buy XRP in 2022, especially if you invest in crypto assets for the long term. The world of crypto assets is unpredictable. Every crypto asset will have its ups and downs throughout the year.
Ripple could make investors super rich. Even when the asset has suffered a substantial decline in recent months, some reasons indicate that it is a strong investment and XRP's price could experience a huge growth in the near future.
XRP Price Prediction 2025
Based on the technical analysis by cryptocurrency experts regarding the prices of XRP, in 2024, XRP is expected to have the following minimum and maximum prices: about $1.02 and $1.24, respectively. The average expected trading cost is $1.04.
You can buy XRP with fiat currency through a cryptocurrency broker or exchange, such as Kraken or eToro.
When an asset gets delisted from an exchange, all of its trading pairs are removed. The asset can still potentially be traded on other exchanges (such as decentralized exchanges), or through over the counter trading (OTC), but trading activity on the exchange that delisted that asset will cease.
CEO Brad Garlinghouse said a few countries have reached out to Ripple about relocating. Ripple CEO Brad Garlinghouse said the crypto company will move to another country if it loses in its legal battle with the SEC.
Coinbase is delisting XRP, Bitcoin Cash, and Ethereum Classic because of "low usage." Coinbase has announced that it's removing XRP, Bitcoin Cash, and Ethereum Classic from its crypto wallet.
Ripple and its founders also own a significant amount of XRP. Most exchanges' XRP holdings are usually customers' deposits kept in reserves. This explains why Binance has one of the largest supplies of XRP coins. The exchange holds 77.49% of the XRP supply on exchanges, according to Coincarp.
National Australia Bank, which has vigorously aired its concerns about the risks of trading in alternative currencies, does not offer any crypto trading services.
The Bank for International Settlements (BIS) Innovation Hub, a company owned by 63 central banks representing countries that make up 95% of global GDP, is creating a platform for international payments that would directly compete with Ripple.