King Karan, founder of The Alpha Husky Club NFT and Bitrue ambassador, says it would be a big mistake for anyone to miss out on XRP’s potential integration into the global banking system.
The cryptocurrency expert stated in a post on X yesterday while expressing his confidence in the seventh-largest cryptocurrency by market cap.
Notably, King Karan stated that he is not worried about whether XRP will recover significantly in the next two years. He expressed confidence in his diversified investments in multiple altcoins, emphasizing that it will generate profits regardless of when XRP records a significant rally.
However, he emphasized that anyone who misses the potential integration of XRP into the global “financial banking system” could be making the biggest mistake.
For me it doesn’t matter if XRP takes off tomorrow or 2 years later.
I have my money in enough alternatives to make money no matter what.
But the biggest mistake someone can make is to miss the implementation of XRP in the financial banking system.
— 𝕃𝕖 𝕕𝕖 𝕕𝕖 𝕥𝕠𝕣𝕒 (@KingKaranCrypto) June 27, 2024
Potential impact of XRP integration on the banking system
Karan’s comment suggests that the integration of XRP into the banking system could positively impact the price of the coin.
Therefore, while the Bitrue ambassador is not concerned about XRP’s short-term price action, he still acknowledges how the coin’s potential integration into the banking system could affect its performance.
At press time, XRP has seen a 2.7% daily rise to $0.4768. The slight gain comes after the coin recorded a weekly drop of 2.06%.
Using XRP in payments
Meanwhile, in addition to commercial transactions, XRP has proven useful in global payments. On a retail scale, XRP spending volume increased 42% in January, with the currency being used to facilitate 7,310 payments to businesses across 113 industries.
Beyond retail, several financial institutions, especially ODL, have adopted XRP for cross-border settlements through Ripple’s payments solution. It is public knowledge that ODL leverages XRP as a bridge between fiat currencies.
As previously reported, XRP usage on ODL accounts for 50% of all transactions made through RippleNet. To put it in context, RippleNet (now absorbed into Ripple Payments) is a decentralized network of global banks leveraging Ripple technology for payments.
Interestingly, more and more financial institutions are partnering with Ripple, and many of them are using XRP for cross-border payments. Crypto Basic reported earlier this month that 80% of Japan’s banking industry has formed partnerships with Ripple. Notably, the report stated that 60 Japanese banks have already adopted Ripple’s payment technology.
As Ripple’s payment technology continues to gain popularity, it is only a matter of time before more banks adopt the solution, potentially leveraging XRP for cross-border settlements.
Disclaimer:This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to do in-depth research before making any investment decisions. The Crypto Basic is not responsible for any financial loss.
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