The post Could JPMorgan’s Cross-Border Payments Push XRP to $1,000? appeared on BitcoinEthereumNews.com.

An analyst subjects XRP to a comprehensive analysis using a document called “XRP Liquidity Cheat Cheet.” The document claims that XRP can sufficiently handle a daily payment volume of $1 trillion at a price range of $100-$500; however, others express doubt.  Ripple’s XRP has been flagged as a highly undervalued asset as its utility in cross-border payments has triggered bullish sentiments among market players. Its potential was highlighted in a 2023 report by Oliver Wyman and JPMorgan, where Ripple and XRP were mentioned as entities that could help unlock the $120 billion trapped in cross-border payments.  Notable Mention of Ripple’s Solutions by Reputable Institutions According to our analysis of the report, JPMorgan estimated that $23.5 trillion is moved by corporates across countries annually (equivalent to 25% of global GDP). Fascinatingly, this was achieved through the reliance on wholesale cross-border payment processes, which are sub-optimal in cost, speed, and transparency. This process, according to the report, leads to additional costs of FX conversion, trapped liquidity, and delayed settlements as confirmed by the senior treasury manager at Global Packaging MNC. While working on some strategic transactions, our team was on high alert with inconsistent messages coming from numerous banks along the chain. While the current system has been optimized to handle day-to-day transactions, the non-regular, high value and time-pressured transactions are an area to improve. In November 2023, Grayscale Investments also highlighted XRP as a potential alternative to SWIFT due to its rare cross-border payment features.  XRP aims to offer fast cross-border payments at lower transaction costs than competitors. SEC’s chair, Gary Gensler, during an interactive session last year, stated that bridge currencies, which include XRP, are necessary for the facilitation of seamless transactions between different fiat currencies.  You could use blockchain, but the current thinking is you need a bridge currency…

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Filed under: News - @ September 2, 2024 12:53 am