In his latest post on X, Collin Brown, the popular Blockchain researcher, said that Börse Frankfurt forecasts that XRP, the Ripple digital asset, may become a worldwide bridge currency. The post has resulted in a notable increase in the digital asset’s value. Ripple is working to revolutionize intra-bank transaction leveraging its financial portfolio solutions, which includes the XRP Ledger (XRPL) and RippleNet,
Ripple has led financial innovation to improve transaction efficiency and streamline cross-border payments. The XRP Ledger, the technology that powers XRP, is an appealing choice for financial organizations to streamline their payment processes since it provides quick and affordable transactions.
Prediction from the Coin Codex has it that XRP may encounter a strong price rally around $1.65 by June 2024: approximately two months after the BTC halving. The XRP price algorithm is also expected to enter a negative trend before it’s major movement that could push it to$2.90, which is expected to happen in 2028.
Ripple Moves to Form Partnership, Aims at ISO 20022 Certification
The company’s dedication to standardization and interoperability in the financial sector is demonstrated by Ripple’s adoption of the ISO 20022 standard. Ripple plans to harmonize its protocols with international standards to promote increased connectivity and cooperation among financial institutions and open the door for more effective cross-border payments and settlement procedures.
On the other hand, Ripple has moved to build strong partnerships with relevant companies. Among these companies are Central Bank of Georgia, Imperial Bank of Canada, Santander, and more than one hundred others, forming a strong RippleNet membership supporting XRP.
XRP, in recent times, has proved its worth in the cryptocurrency market, having traded more than +500% more than its present price mark. This is happening amid a constrained liquidity and merger inflow of capital. More industry analysts have predicted that the XRP can easily cross its current price mark after reaching the $10 price mark.
XRP Performs Woefully in the Market, Cites Visa and MasterCard
The increase in XRP’s value in response to Börse Frankfurt’s forecasts demonstrates how excited the market is about Ripple’s technology and vision. As of press time, the XRP market is yet to respond to the recent development, as the XRP had lost 0.97% in 24 hours after trading at $0.5654.
The negative trend extended to its market capitalization, causing it to lose by 0.08% after cumulating $31,220,262,760 in 24 hours. Data from CoinMarketCap reveals that the trading volume, on the other hand, recorded a 65.15% growth, after accounting for $3,114,923,494 in the last 24 hours.
Commenting on the development, an article on Coin Codex says that it will take a lot of work to predict if the XRP will outperform the BTC after achieving its bridge currency project and linking all intra-banking payment systems. While describing their future project, the company cited Mastercard and Visa’s achievements as examples of how they have connected over one hundred million global users.
More Light Thrown on Ripple Bridge Currency Project, Intensifies Effort
Analyzing the recent development, Syofri from ETH News says that as long as as Ripple keeps an eye on innovation and interoperability, XRP will be in a strong position to influence how financial transactions and cross-border payments are done in the future. The strategy for the proposed bridge currency is linked to the integration with the XRPL and RippleNet, two of the most essential parts of the cross-border payment process.
The integration is said to augment the incoming liquidity while reducing costs. The outcome will be to streamline the process by which financial transactions are exchanged internationally. Ripple has previously announced that its major aim is to become the main financial bridge for international transactions.
The step will help the company implement a working international standard for global financial electronic messaging. This process, the company believes, will foster the acceptance of Ripple and its services internationally. The company believes that this measure will further strengthen the credibility of XRP, which was formerly linked with Flare Networks.