Ripple, a leading crypto payment company, recently released a promotional video advocating for the use of XRP in the growing cross-border payment market, which is expected to exceed $300 trillion in the next six years.
This advertisement quickly caught the attention of the XRP community, with Edoardo Farina, Head of Social Adoption at XRP Healthcare, sharing the video on social media.
The ad featured Pegah Soltani, Ripple’s head of Payments Product, who explained the intricacies of blockchain-based payments. Soltani highlighted the staggering volume of funds transferred globally each year, projecting a monumental increase to $300 trillion by 2030.
Despite the projected growth in cross-border transactions, Soltani expressed concerns about the current inefficiencies in global payments, including high costs, slow transfers, and potential errors. However, she remained optimistic about Ripple’s innovative approach to revolutionizing the movement of value worldwide by utilizing blockchain technology and digital currencies like XRP to create faster, more cost-effective, and transparent payment solutions for businesses and individuals.
In a practical example presented in the ad, Soltani demonstrated how Ripple’s payment network could facilitate a seamless transfer of British pounds from the UK to the Philippines using XRP as an intermediary currency. Through Ripple’s Global Partner Network, the funds were converted into the local currency, ensuring that the recipient in the Philippines received the exact amount quoted in their desired currency almost instantly.
The use of XRP within Ripple’s payment network has sparked enthusiasm among many supporters, who believe that the token’s market value could potentially reach $10,000 in the future, given the massive scale of the payment market. However, experts have dismissed such predictions as unrealistic, especially considering XRP’s current price of $0.52.
It is important to note that Ripple has clarified that its use of XRP for payments is demand-neutral and does not directly impact the token’s price. This information is for educational purposes only and should not be taken as financial advice. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic does not take responsibility for any financial losses incurred.