XRP Identified as Vital Player in Remittances Sector

Pile of XRP coins
XRP wants to replace SWIFT and other legacy systems for cross-border money transfer

XRP could be a major player in the cross-border money transfers, a US consumer protection agency has found — signalling a boost to Ripple’s mission statement.

The Ripple Foundation will play a central role in the remittances industry, a regulatory ruling has found. According to the Consumer Financial Protection Bureau (CFPB), XRP’s “continued growth and partnerships” points to its potential for broader cross border payments as well as the remittances sector.

In a paper released on May 11th, CFPB noted that XRP can be utilised by “banks and credit unions” for remittances to help determine the exact final amount a recipient will receive before the transaction is sent.

CFPB’s Report is bearish on Ripple

Although the report recognises the role Ripple could play, CFPB does not believe that the blockchain platform will achieve widespread adoption any time soon.

Newer solutions, the report points out, will struggle “in the short-to-medium term,” but as seen with the increased use of challenger banks, Ripple’s push for the mainstream adoption of XRP could result in an increase in usage.

According to the bureau, it is not going to be easy for Ripple to replace legacy systems. The consumer protection agency cites its own extensive research, the feedback it has provided and financial estimations as a basis to give legacy networks a more favourable view for the immediate future.

Ripple has partnered with hundreds of banks and other mainstream financial institutions, with one of the largest, SBI Holdings, announcing a new venture that could foster further integration of XRP into existing transactional systems.

SBI Holdings, one of the largest financial players in Japan, plans to have Ripple’s payment and settlement system integrated with Japanese ATMs. 

XRP showing weakness

XRP rallied over the weekend to trade above $0.205, but has retracted over the past 24 hours. Yesterday’s price movement saw the third-largest crypto by market cap close at $0.201, a level close to its major support level at $0.200 and the last major resistance zone seen in previous bullish price action. 

XRP Identified as Vital Player in Remittances Sector 1
XRP price daily chart/Coin360

XRP/USD’s current price level just above $0.203 is far from the pair’s high at $0.24 on April 30. The cryptocurrency has added less than a percentage within the past 24 hours.

The scenario has seen analysts point to XRP’s weakness, especially after bulls let it slip past several support zones in recent trading sessions. It is a signal that the cryptocurrency could see its value slide further, especially given that Bitcoin, whose rallies coincide with altcoin upsides, has struggled to strengthen above $10,000.

One analyst has suggested a slip below the levels seen at yesterday’s close at $0.199 would see XRP open at $0.15. The token has touched a low of $0.200 on Coin360, although volatility has also seen it hit intraday highs of $0.207.

Last week, stablecoin Tether (USDT) briefly overtook XRP as the third-largest cryptocurrency by market cap.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin54,982 0.44 % 1.24 % 5.95 %
Ethereum4,143.2 0.31 % 2.78 % 4.04 %
Binance Coin603.33 0.67 % 4.22 % 3.26 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana198.11 0.81 % 4.55 % 8.21 %
Cardano1.560 0.27 % 2.12 % 16.70 %
XRP0.9559 0.27 % 1.22 % 12.40 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

Bitcoin (BTC) $ 54,733.00
Ethereum (ETH) $ 4,133.03
Binance Coin (BNB) $ 599.32
Tether (USDT) $ 1.00
Solana (SOL) $ 197.79
Cardano (ADA) $ 1.56
XRP (XRP) $ 0.952703
USD Coin (USDC) $ 1.00
Polkadot (DOT) $ 35.40
Dogecoin (DOGE) $ 0.207106