XRP discussion has always been supported in future power, regulatory clarification, and institutional acquisition that always seemed out of reach. Now, one crypto analyst believes that those pieces aren’t built in isolation anymore they meet now in real time.
According to crypto pundit X Finance Bull, recent developments involving global banking infrastructure show that the time has come for XRP and the entire XRP Ledger ecosystem.
The Moment Has Finally Arrived
Crypto X Analyst Finance Bull recently social media platform X to highlight the growing overlap between the world’s major banking institutions participating in the new SWIFT blockchain system and their existing relationship with Ripple.
SWIFT recently announced plans building a blockchain-based shared ledger capable of processing real-time, 24/7 cross-border payments. However, what caught the analyst’s attention was not just the technology that goes into 24/7 blockchain but the words behind it. The program reportedly involves more than 30 banks in 16 countries working on the next phase of financial infrastructure.
A closer look at participating institutions reveals that a large part it already has ties to Ripple. Going through the list of institutions involved in the SWIFT blockchain project, X Finance Bull has identified 12 banks with confirmed commitments to Ripple.
Banks such as Santander, DBS Bank, Standard Chartered, Mizuho Financial Group, MUFG, Bank of America, and Royal Bank of Canada are among those identified as having existing relationships with Ripple through payments, custody, or consortium participation.
As noted by X Finance Bull, each of these financial companies has already launched several programs using Ripple’s existing blockchain technology. SG-FORGE has issued the EURCV stablecoin on the XRP Ledger, using Ripple Custody, and has already tested tokenized bond payments via SWIFT. Santander’s One Pay FX cross-border payment platform is built using Ripple technology. DBS Bank has signed a memorandum of understanding with Ripple, which focuses on token wallet trading.
Standard Chartered, Mizuho Financial Group, MUFG, Bank of America, Westpac, Royal Bank of Canada, BBVA, Akbank, and Absa Group make up the 12, each with documented links to the Ripple ecosystem in various capacities.
Regulatory Times and Infrastructure Are Flexible
Although this is the case not a direct Ripple-SWIFT agreement, the observation of the crypto analyst shows that the XRP Ledger is already within the majority of institutions involved in the creation of the future of world currencies. “12 of the 30+ banks that work on the SWIFT ledger have Ripple on one of their screens. That’s not an idea. That’s a pattern you can confirm,” he said.
Finance Bull’s view adds to another context in which the development of the SWIFT blockchain takes place. The analyst points to two similar regulatory developments going on in the same timeline.
First of all is the expected rule of CLARITY, which has already moved towards the President’s table. Separately, the token-related exemption from the US Securities and Exchange Commission is reportedly a few weeks away.
Featured image from Getty Images, chart from Tradingview.com
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