XRP in Spotlight as Russia Confirms BRICS Payment System

O BRICS The group is advancing its monetary sufficiency scheme with the potential development of its own independent payments system.

Is XRP seen as BRICS bridge currency?

According to a research paper first discovered by XRP enthusiast Amelia, Russian President Vladimir Putin has confirmed that the bloc is finally moving forward with its alternative currency plan. In the report, there are indications that the block would explore the use of Ripple-linked XRP for cross-border settlements.

Before now, the Bank of Russia introduced a project on the implementation of cross-border transfers. This project reportedly considered using the Ripple payment system. It was considered an excellent basis for developing a cross-border settlement system for the group. It is worth mentioning that XRP is known for its transaction speed and low costs. Therefore, it appears to be a viable system that the bloc is considering to revolutionize its international payments objectives.

This move to adopt cryptocurrency could trigger a huge jump in the price of XRP. CEO and founder of Cryptonairz, Robert Doyle (Crypto Sensei) believes that the price of XRP could reach $10,000 if BRICS countries widely adopt it. There is a general opinion that BRICS member countries have a lot to gain from choosing XRP as an alternative to the United States dollar. The volatile currencies and developing economies of these nations are perceived as challenges that XRP could improve.

Ripple’s growing network of alliances with well-known financial institutions is also considered an advantage that the BRICS nation could leverage.

XRP Use Cases Grow Exponentially

Generally, these partnerships are indicative of XRP’s growing use cases and recognition in various countries. With how much XRP has improved in recent months, especially after judge Analisa Torres ruled on July 13 that crypto is not security, there are already discussions about the possibility of an XRP ETF.

Since the Securities and Exchange Commission (SEC) gave its go-ahead to identify Bitcoin ETFs and recently to Spot Ethereum ETFsexperts have begun to evaluate the implementation of other crypto ETFs.

In an interview, Ripple CEO Brad Garlinghouse spoke about the launch of the XRP ETF. He highlighted that the approval of Ethereum ETFs gives him confidence that XRP could also be approved. Additionally, Ripple President Monica Long has strongly supported an XRP ETF, stating that it would make “a lot of sense” given the current regulatory clarity surrounding XRP and Bitcoin in the US.

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