Ripple, a cryptocurrency payment company, recently released a promotional campaign advocating for the use of XRP in the rapidly growing cross-border payment market, expected to exceed $300 trillion within the next six years.
This advertisement has sparked considerable interest within the XRP community. Edoardo Farina, the Head of Social Adoption at XRP Healthcare, shared the promotion on social media platform X yesterday.
The ad prominently featured Pegah Soltani, Ripple’s Payments Product lead, who explained the fundamentals of blockchain-based payments. Soltani highlighted the significant amount of money transferred internationally annually, projected to skyrocket to $300 trillion by 2030.
Despite the anticipated surge in cross-border transactions, Soltani expressed concerns about the current inefficiencies in global payments, such as high costs, slow processing times, and error-prone systems. However, she remained optimistic about Ripple’s innovative approach to revolutionizing the global movement of value using blockchain technology and digital assets like XRP to offer faster, more cost-effective, and transparent payment solutions to businesses and consumers.
In a practical example presented by Soltani, a business aiming to transfer British pounds from the UK to the Philippines could seamlessly utilize XRP as an intermediary currency through Ripple’s Global Partner Network for instant and accurate conversion into the recipient’s local currency.
The use of XRP within Ripple’s payment network holds great potential for increasing the cryptocurrency’s market value, with some enthusiasts speculating it could reach $10,000 per token in the future due to the massive scale of the payment market. However, experts have dismissed these predictions as overly optimistic, considering XRP’s current price of only $0.52.
It is important to note that Ripple has clarified that their use of XRP for payments is demand-neutral, meaning it does not directly impact the token’s price. This information is provided for informational purposes only and should not be construed as financial advice. Readers are advised to conduct their own research before making any investment decisions, as The Crypto Basic does not assume responsibility for any financial losses.