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XRP VS. TRADITIONAL BANKING SOLUTIONS: WHY BANKS ARE TAKING NOTICE OF RIPPLE

▪️The role of XRP as a bridge currency in global finance is gaining traction.

▪️Top Analyst uncovers key factors that can drive XRP’s adoption.

XRP, the cryptocurrency associated with Ripple Labs Inc., is often described as a bridge currency that can be integrated with the traditional banking sector. At the moment, there are heightened discussions on why banks should use XRP for payments.

Why Banks Are Taking Notice of Ripple
In an X post, crypto investor and analyst CryptoTank highlighted several reasons banks would use XRP instead of other digital tokens or a Central Bank Digital Currency (CBDC).

First, the analyst pointed out that the traditional banking sector is competitive. He noted that smaller banks compete with larger banks like JPMorgan for market share and customers.

Therefore, he claims banks will be uninterested in accepting each other’s digital token or CBDC since doing so will give bigger rivals a competitive advantage. The analyst added that the smaller banks’ agreement could give bigger banks total control of how the tokens will be issued and used.

Essentially, the analyst opined that the bigger banks could eventually exert tough conditions that might put smaller ones out of business.

J.P. Morgan or B of A, or any other competitor. If they agreed to that the the Big bank could set the terms and control how that token is issued, used, etc to the smaller banks. Essentially able to put them out of business if they wanted to. Which of course they do…

— CryptoTank (@Tank2033js) September 24, 2024

CryptoTank’s second point hinges on liquidity. He emphasized how banks are desperate to get liquidity that is easily accessible, cheap, and with low to zero friction. He noted that the SWIFT network, developed as a payment solution for financial institutions, is still far behind in technology. The analyst stated that the network is slow, costly, and has friction, thus limiting its use by traditional banks.

CryptoTank highlighted that the fundamental idea behind the new financial system and the digital age is the seamless transfer of value. He added that the BRICS alliance was created by countries seeking freedom from the traditional banking system. According to the analyst, the United States and the United Kingdom have had authority over sanctions, which often caused financial harm to them.

Documents from the BIS, IMF, and WEF claim a neutral bridge currency is needed to provide a seamless transfer of value globally. This would avoid friction and failed transactions and allow banks to free up Nostro Vostro accounts.

Comparing XRP to XLM as a Solution to Financial Freedom
Many think Stellar’s XLM could be used for seamless value transfer instead of XRP. CryptoTank, however, pointed out that XLM was created for peer-to-peer smaller transactions and banking the unbanked globally and not as a bridge currency.

On the other hand, he noted that XRP is not a utility token. The analyst describes XRP as a token created specifically for transferring huge amounts of value at a low cost, high speed, and without friction.

The analyst highlighted how Ripple uses XRP as a bridge asset to move value for its On-Demand Liquidity (ODL). As noted in an earlier CNF post, wealth advisor Mickle claims demand for XRP among market makers will increase as global ODL transactions expand.

CryptoTank highlights Ripple’s partnership with the BIS, IMF, WEF, and central banks, further strengthening XRP’s case as the appropriate bridge currency.

“Sitting at the head tables with the Global leaders of Finance and Banking. Crafting the rules, regulations, and how the new system will work…It doesn’t take a genius to see where this is going,” CryptoTank emphasized.

@ Newshounds News™

Source:  Crypto News Flash

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GOLDMAN SACHS FORECASTS WEAKER DOLLAR AS FED BEGINS INTEREST RATE REVERSAL: REPORT

Banking giant Goldman Sachs is forecasting a weaker US dollar following the interest rate reversal from the Federal Reserve.

In a new note to investors covered by Bloomberg, Goldman strategists say a gradual weakening of the greenback is expected now that lower rates have lessened the dollar’s appeal.

The bank said the Fed’s recent cut of 50 basis points (bps) showed a willingness to respond aggressively to a potential economic downturn, justifying expectations of relative weakness for the dollar against other major currencies including the euro, pound and yen.

Goldman is now predicting upward moves in the euro and the pound against the dollar, predicting $1.15 for EUR/USD, a 2.67% boost, and $1.40 for GBP/USD, a 4.47% rally from current prices.

Says the Goldman strategists,

“This balance should entail a weaker dollar over time, but we still expect that to be a gradual and uneven process. We also still believe the dollar’s high valuation will not be eroded quickly or easily, but the bar has been lowered a bit…

Support for sterling is coming both from its risk beta as well as solid growth momentum and a patient BOE. Markets have priced out US recession risk, benefiting risky assets and pro-cyclical currencies like sterling.”

Goldman’s call for a weaker dollar differs from the forecast from German banking titan Deutsche Bank, who believes that a potential Donald Trump presidency will ultimately boost the dollar relative to other currencies.

“We think pricing for the Fed is too dovish and that the market is underpricing the dollar positive risks around a Trump victory, so we like buying the USD.”

@ Newshounds News™

Source:  DailyHodl

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XRP RECOGNIZED BY SWIFT AS A BRIDGE CURRENCY FOR 11,000+ BANKS

▪️XRP was recognised as a bridge currency by SWIFT, an interbank messaging platform that connects over 11,000 banks globally and facilitates $150 trillion in transfers annually.

▪️While the two were initially viewed as rivals, they work even better together, with SWIFT bringing legacy finance connections while XRP provides the tech.

Years ago, XRP was viewed as the ultimate solution that would wipe off traditional cross-border rails, with SWIFT being put on notice. However, crypto has matured since then, and its enthusiasts have recognized that it’s easier to integrate with established players than to fight them, Now, XRP is seen as complementary to SWIFT rather than a whole new solution.

SWIFT has also warmed up to XRP, and in a partnership with blockchain consortium R3 that extends back over five years, the interbank messaging platform mentioned XRP as one of the options for a bridge currency between its participants.

SWIFT is the world’s most popular interbank messaging protocol, connecting over 11,000 global banks, ranging from multinational behemoths like JPMorgan and Bank of China to local union banks. In its most recent published figures, it revealed that it was recording 45 million transfers daily, resulting in $150 trillion worth of value transfers facilitated annually.

As XRP enthusiasts noted on social media, this recognition is important for XRP.

XRP for Global Fund Transfers
Today, sending an email or a chat message is instant and cheap. However, sending a financial message remains cumbersome, very costly and extremely slow. Most banks take three to five working days to deliver the funds, leading to the joke that it’s easier to take a flight and deliver the cash in hand rather than send it via SWIFT.

Since crypto launched, this has been one of the sectors it’s targeted. XRP has been one of the leaders in this revolution owing to its very low fees and fast transactions. While it has seen some traction, including integrating with several banks globally, it has yet to land its key moment.

Despite the integrations, Ripple is still pushing to completely overhaul the system. As we reported, CEO Brad Garlinghouse revealed recently he’s still focused on “trying to let value move the way information moves today.”

However, it doesn’t happen overnight, he noted. Being a payment network that handles people’s money, XRP and the interlinked systems are moving systematically slowly to ensure they are compliant with every financial regulation and avoid the walls caving in on the leaders as they have for former kingpins like Binance founder Changpeng Zhao and FTX founder Sam Bankman-Fried, who prioritised speed over compliance.

@ Newshounds News™

Source:   Crypto News Flash  

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 THE SILVER PRICE NARRATIVE HAS BEGUN...

💰 Silver, dubbed the "money of the people," is projected for 50% gains in 2024, potentially reaching $1 per ounce due to its diverse uses beyond gold.

📈 In the past 11 months, silver has outperformed gold by 61%, with analysts predicting a potential surge to $50 an ounce within 100 days if it breaks above $32.

🗓 2024 has been officially named the "year of the metals" by GSC commodity intelligence, marking the beginning of the "silver narrative" expected to continue into 2025.

💎 The Economic Ninja encourages everyone to own at least 2 ounces of silver, calling it the "investment of the century" due to anticipated truth revelations.

🚀 Predictions suggest silver prices will reach all-time highs in 2025, with some analysts offering even more bullish forecasts for the precious metal's future value.

@ Newshounds News™

Source:  The Economic Ninja

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XRP NEWS: TOP RIPPLE EXECUTIVES TO ATTEND FEDERAL RESERVE BANK’S 8TH ANNUAL FINTECH CONFERENCE

▪️Ripple’s Brad Garlinghouse and Chris Larsen have been reported to appear at the upcoming annual Fintech conference hosted by the Federal Reserve Bank of Philadelphia.

▪️Before this, Ripple’s flagship event – the Swell conference, would be hosted with several industry key players expected to discuss the future of the crypto industry.

The price of XRP surged 4% daily after reports emerged that Ripple executives Brad Garlinghouse and Chris Larsen would make a groundbreaking appearance at the annual fintech conference.

According to details, the upcoming event would be the eighth edition hosted by the Federal Reserve Bank of Philadelphia from October 22 to October 23. Based on the information available on the host’s website, this year’s conference would feature notable fintech professionals and researchers speaking on various topics, including real-world asset tokenization, banking-as-a-service, tokenized deposits, and the potential role of fintech in shaping the future of finance.

In addition to the Ripple executives, the list of expected speakers at the event includes Coinbase lawyer Paul Grewal, and the head of the Crypto Council for Innovation Sheila Warren.

The Swell Conference by Ripple
From October 15-16, Ripple will also host its annual flagship event, the Swell Conference. According to the blockchain company, this event will be attended by more than 40 countries, over 600 attendees, and more than 50 speakers.

Based on the document we have, some of the featured speakers would include Ripple’s Brad Garlinghouse, superintendent at the New York State Department of Financial Services Adrienne Harris, former chair of the FDIC and founding chair of the Systemic Risk Council Sheila Bair, global head of blockchain and digital assets at BBVA Francisco Maroto, and Chief Security Officer at Coinbase Philip Martin.

According to reports, the conference would discuss several topics to reveal how financial institutions and businesses leverage crypto in blockchain technology.

Court Case Still Hanging
Currently, the entire crypto industry is waiting for the appeal decision by the US Securities and Exchange Commission (SEC) as the October 7 deadline is fast approaching. According to a former SEC lawyer, the Commission would likely appeal the ruling on the programmatic sales of XRP by Judge Analisa Torres as we reported. However, Ripple’s Chief Legal Officer Stuart Alderoty believes that the conflict has ended.

Attorney Jeremy Hogan commented on this and advised the Commission to consider its “mandate of investors’ protection” in its decision-making.

Of course, they think the opinion is wrong – they were on the losing side. What the SEC should be thinking of right now is whether an appeal furthers its mandate of investor protection and capital formation. Why isn’t that top of mind? More evidence the SEC has lost the plot.

@ Newshounds News™

Source:  Crypto News Flash

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🌍 7 CONFUSING CRYPTO TERMS (ALMOST) NOBODY UNDERSTANDS | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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