Here is XRP Price If It Becomes the Go-To Coin for Sending Money to Families
The post Here is XRP Price If It Becomes the Go-To Coin for Sending Money to Families appeared on BitcoinEthereumNews.com. XRP could soar to a double-digit price if it is leveraged as the preferred asset for global remittances. From the outset, the development team of the XRP Ledger (XRP) designed XRP to facilitate instant and low-cost cross-border settlements. Unlike traditional payment rails, which can take days, XRP settles transactions within a few seconds. Moreover, users get to pay a negligible fee of a fraction of a cent to send funds across borders using XRP. Due to XRP’s prowess, financial institutions have adopted the coin for cross-border settlements. Last month, major crypto exchange Bitrue highlighted ten banks and institutions that have used XRP for this purpose. The list featured financial institutions like Santander Bank, SBI Holdings, PNC Bank, Bank of America, and Standard Chartered. – Advertisement – Based on the Bitrue article, it is evident that XRP’s utility in remittance is indisputable. Therefore, we estimated how much a unit of XRP will be valued at if it becomes the preferred asset for sending money to families globally. Global Remittances To calculate the projected price of XRP, we considered the global remittance flows in relation to the circulating supply of XRP. Data from MoneyTransfers shows that global remittance flows stood at $860 billion as of 2023. Of this amount, $669 billion was sent to low and middle-income countries. Notably, India saw the highest remittance totaling $125 billion in 2023. People who sent money from the U.S. to other countries claimed they did so to support their families back home. XRP Price If It Is Used for Global Remittances If people use XRP to send these funds to their families, it would significantly impact the coin’s price. We estimated XRP’s price under three adoption scenarios of 10%, 50%, and 100% in relation to the $860 billion in global remittances recorded in 2023. Notably,…
The post Here is XRP Price If It Becomes the Go-To Coin for Sending Money to Families appeared on BitcoinEthereumNews.com.
XRP could soar to a double-digit price if it is leveraged as the preferred asset for global remittances. From the outset, the development team of the XRP Ledger (XRP) designed XRP to facilitate instant and low-cost cross-border settlements. Unlike traditional payment rails, which can take days, XRP settles transactions within a few seconds. Moreover, users get to pay a negligible fee of a fraction of a cent to send funds across borders using XRP. Due to XRP’s prowess, financial institutions have adopted the coin for cross-border settlements. Last month, major crypto exchange Bitrue highlighted ten banks and institutions that have used XRP for this purpose. The list featured financial institutions like Santander Bank, SBI Holdings, PNC Bank, Bank of America, and Standard Chartered. – Advertisement – Based on the Bitrue article, it is evident that XRP’s utility in remittance is indisputable. Therefore, we estimated how much a unit of XRP will be valued at if it becomes the preferred asset for sending money to families globally. Global Remittances To calculate the projected price of XRP, we considered the global remittance flows in relation to the circulating supply of XRP. Data from MoneyTransfers shows that global remittance flows stood at $860 billion as of 2023. Of this amount, $669 billion was sent to low and middle-income countries. Notably, India saw the highest remittance totaling $125 billion in 2023. People who sent money from the U.S. to other countries claimed they did so to support their families back home. XRP Price If It Is Used for Global Remittances If people use XRP to send these funds to their families, it would significantly impact the coin’s price. We estimated XRP’s price under three adoption scenarios of 10%, 50%, and 100% in relation to the $860 billion in global remittances recorded in 2023. Notably,…
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