The US banking giant Bank of America has highlighted an altcoin project that it sees as an ‘exception’ in the payment field.
Bank of America praises this altcoin project in the payments space
In a recent report, the banking giant highlighted the impact of blockchain technology on real-time payments in the Asia Pacific region. Venkat ES, Head of Treasury Products at the bank, states that smart contracts play an important role in digitizing trade documents. At this point, it is stated that Ripple (XRP) is the ‘exception’ in the sector where the use of SWIFT is dominant.
What Bank of America analysts pointed out was that XRP, a strong SWIFT competitor in cross-border payments, still had limited impact. According to the report, SWIFT gpi technology is preferred more than Ripple’s solutions.
“Ripple’s efforts are limited”
The continuation of the Bank of America report is not as positive as the previously highlighted reports. In particular, despite Ripple’s efforts in the cross-border payments scene, the impact of the tech company’s work is limited.
“This is because SWIFT gpi is rapidly emerging as the preferred solution for tracking and tracing cross-border payments,” the report states. SWIFT Global Payment Innovation (GPI) is a service that aims to make international payments faster, more transparent and traceable.
This claim has faced opposition from some XRP community members. Ripple follower WrathofKahneman believes this to be true. Because of its powerful features, WOK likened its GPI system to RippleNet. As a result of its association with SWIFT, the GPI has been significantly adopted.
In turn, Ripple’s offerings face limitations due to legal pressure from the SEC litigation. Recent years have hampered the adoption rate of the blockchain company significantly. It has even caused some corporate customers to switch to competing products.
How about the XRP price?
XRP price hit 10 and 20 EMA golden crosses for the first time since 2020. According to crypto analyst CoinsKid, this represents the catalyst for the token to become parabolic. The analyst drew attention to previous cycles where the same event occurred with XRP. Accordingly, when the golden cross occurred in 2017, XRP changed hands from $0.24 in November to $2.09 at the end of the same year.
Three years later, XRP traded from $0.32 in late 2020 to over $1 in early 2021. Therefore, the analyst thinks that history could repeat itself and XRP could see $9.
Recently, XRP has been consolidating around the $0.45 to $0.50 region. However, in the last 30 days, the token has lost 10.49% of its value. This is a comeback from its impressive performance in some parts of the second quarter. cryptocoin.com You can check out the 30x price predictions of XRP bull Egrag here.
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