- SWIFT and R3’s Proof of Concept
- XRP’s Role in the Financial Ecosystem
- Speculation on XRP’s Price Surge Potential
Crypto enthusiast JackTheRippler has stirred up enthusiasm within the XRP and cryptocurrency communities with a bold claim regarding SWIFT, the global financial messaging giant. He suggests the digital asset could be positioned as a bridge currency for more than 11,000 banks in SWIFT’s network.
SWIFT and R3’s Proof of Concept
The image attached to JackTheRippler's tweet highlights a Proof of Concept (PoC) between SWIFT and R3. It shows the integration of SWIFT’s Global Payment Innovation (gpi) with R3’s distributed ledger technology (DLT) platform, known as Corda Settler.
According to the diagram, the gpi link enables fiat and cryptocurrency payments through the Corda Settler system. Notably, XRP is mentioned as a cryptocurrency that could be used in the settlement process. This reference is likely the source of JackTheRippler’s claim that SWIFT acknowledges XRP as a bridge currency.
XRP’s Role in the Financial Ecosystem
R3 is a prominent blockchain platform focused on enterprise-level solutions, particularly in the financial industry. Its Corda Settler platform is designed to facilitate payments between parties using both fiat currencies and digital assets like XRP.
The involvement of SWIFT, a dominant force in cross-border payments, in a PoC with R3 and the mention of XRP suggests there could be future opportunities for integrating digital assets into the traditional financial ecosystem.
However, it is important to note that the image clearly states that there is no live service or commercial agreement between SWIFT and XRP at this stage. The diagram indicates that this is merely a Proof of Concept, which means the collaboration is still in the exploratory phase.
Speculation on XRP’s Price Surge Potential
The excitement surrounding XRP’s potential price surge stems from its theoretical adoption within the SWIFT network. In a recent Times Tabloid article, Crypto Tank, a crypto researcher, suggested that XRP could reach a value of $100 if it captures a portion of SWIFT’s transaction volume.
According to Crypto Tank’s hypothesis, if the token were to handle just 10% of this volume—around $500 billion in daily transactions—XRP’s market demand would increase substantially. To put this in context, XRP’s current average daily transaction volume is about $1 billion, meaning a 500-fold increase in transaction volume would be required to reach this hypothetical target.
This theory is part of the broader narrative that Ripple’s XRP could revolutionize cross-border payments. As a bridge currency, XRP can facilitate liquidity between different fiat currencies, speeding up settlement times and reducing costs.
SWIFT, which currently dominates the global financial messaging system, processes around 45 million payment messages daily. The possibility of the digital asset integrating into this system could indeed be transformative.
While the image JackTheRippler shared provides some foundation for the claim that SWIFT is considering XRP as a bridge currency, it remains speculative. The Proof of Concept between SWIFT and R3 is an exploratory project, and it is yet to be seen if it will result in a full-scale implementation. Nonetheless, the possibility of XRP’s integration into the SWIFT network, as theorized by enthusiasts like Crypto Tank and Amelie, could indeed have far-reaching implications for both the traditional financial industry and the cryptocurrency market.
