12:00 p.m. ▪
3
min reading ▪ by
Luc Jose A.
The BRICS are multiplying initiatives and pushing the boundaries of the unimaginable. The alliance this year accelerated its plan to humiliate the US dollar with an intensification of non-dollar trade. But a new question has been on people’s minds since the Russian Minister of Foreign Affairs mentioned the creation by the BRICS of a stablecoin. Could XRP serve as a bridge between the currencies of the countries of the alliance members? Analysis.
Ripple (XRP) soon involved in transactions within BRICS?
Ripple, the company that has established itself as a benchmark in instant cross-border payments, could be the big beneficiary of the BRICS dedollarization project. This is indeed what Sergei Ryabkov’s announcement of the project to create a stablecoin for the BRICS brings to mind.
This stablecoin should be used to facilitate digital transactions based between the member countries of the Alliance. Its deployment will provide a real boost to the ongoing dynamic within the coalition. Remember that this year, China and Russia have planned to boycott the dollar in more than 260 million dollars of trade.
If momentum continues with the creation of a gold-backed stablecoin, the BRICS could well decide to work with Ripple’s XRP cryptocurrency. The company has distinguished itself for several years in solving problems with processing times and transaction fees in international payments.
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XRP crypto soon to rise?
Obviously, nothing can be concluded with the current data. The project to create the BRICS stablecoin is still at the study stage. However, if the hypothesis of XRP’s future involvement in transactions within BRICS turns out to be true, it would be a big stroke of luck for XRP.
Indeed, the crypto which is currently trading around $0.4931 on Binance with a drop of 1.58% over the last 24 hours. Its price is far from the peak of $3.8419 in January 2018.
This performance of crypto is obviously linked to the series of legal problems that the company has faced for several years. However, Ripple impressed in Q3 2023 with a 12.57% quarterly increase in revenue. The hypothesis of a possible upcoming explosion of XRP perhaps deserves some attention.
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Luc Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I took the commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to relay the latest technological innovations and to put into perspective the economic and societal issues of this ongoing revolution.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
