The blockchain industry continues to thrive as innovative startups sprout up everywhere. Ripple is one company that has managed to win the hearts and minds of the masses with its unrivaled blockchain-based innovations focused on making global payments as easy as possible.
Ripple has developed some impressive payment solutions like its Ripplenet and On-Demand Liquidity, with ODL designed to utilize XRP for cross-border funds transfer. For one, the use of XRP in this way improves liquidity and solves a hurdle that has troubled financial institutions for decades.
Lately, XRP has been adopted by various institutions and blockchain projects, with the latest being Corda.
As such, it’s pretty possible that Ripple could soon be eating deep into SWIFT’s market share. Some expect the company to grab around 10% of the SWIFT market share in the near future, something that will obviously boost XRP’s price.
Ripple Vs SWIFT
For years, Ripple has been working to compete with the likes of SWIFT that has dominated international remittance for decades. However, the modish blockchain technology has put new entrants like Ripple in a good position to effectively compete with SWIFT. In fact, some of SWIFT’s clients have already ditched it for Ripple’s RippleNet. The company is now signing around 3 new clients every week.
Currently, Ripple boasts a customer base of over 300 financial institutions that have joined RippleNet. If a decent number of these clients adopt XRP, the crypto’s demand could increase and effectively affect its value upwards. Some like MoneyGram have already adopted it.
On its part, Ripple looks poised to grab a fair share of SWIFT’s market share. Some analysts and fans have predicted that Ripple could soon overtake the incumbent to become the dominant service provider in global remittance.
However, a rather moderate sentiment focuses on Ripple achieving around 10% of SWIFT’s share as a good start. If that happens, and XRP is adopted by the clients, the crypto could spike to a high of around $50 – based on calculations covering SWIFT’s current total market cap. This insight was shared in a tweet by one XRP enthusiast. In a separate tweet, another aficionado put the price at around $344 if Ripple gets 10% of SWIFT’s market share.