Russian President Vladimir Putin has confirmed that the BRICS is finally moving ahead with their own payment system. BRICS has chosen XRP to build its own independent payment system. Russian President Putin stated,
BRICS is working on our own independent payment system, free from political pressure, abuse, and external interference.
BRICS’ View on XRP
The Bank of Russia launched an initiative for cross-border transactions. This project was scrutinized using the Ripple payment methods, and worth mentioning that XRP is noted for its fast transaction times and low prices.
Founder of Cryptonairz, Robert Doyle (Crypto Sensei), believes that broad acceptance of XRP, particularly among the BRICS nations, might be the key to boosting its price to $10,000. With emerging economies and fluctuating currencies, the nation could get the advantages offered by XRP. The digital asset’s capacity to accelerate and lower the cost of cross-border transactions has the potential to simplify these countries’ financial processes.
Growth of Transactions Using XRP
Ripple’s developing ties with financial institutions benefit the BRICS countries and demonstrate that XRP is gaining recognition. XRP has been doing well lately, especially since Judge Analisa Torres ruled it’s not a security. Now, there are huge talks about an XRP ETF.
On June 5, Ripple CEO Brad Garlinghouse announced that he hoped for the launch of XRP ETFs by 2025. He claimed that the recent acceptance of Ethereum ETFs gave him hope that XRP will be allowed shortly as well.
XRP Gears Up for a Legendary 41% Surge: Bullish Chart Signals Historic BreakoutSignificance of Ripple’s XRP
The existing gap incross-border transactions pose a huge challenge in global finance. These things frequently burden old systems, resulting in delays and expensive costs.
However, Ripple, the primary XRP distributor, has developed the XRP Ledger to remedy this issue. This ledger has the potential to revolutionize international payments by allowing for faster transaction speeds and lower rates.
