XRP in spotlight as Russia confirms BRICS payment system

THE BRIC The group is advancing its currency sufficiency program with the potential development of its own independent payment system.

Is XRP considered the BRICS bridge currency?

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

Before now, the Bank of Russia introduced a project on the implementation of cross-border transfers. This project reportedly took into consideration the use of the Ripple payment system. It was perceived as an excellent basis for the development of a cross-border settlement system for the group. It is worth noting that XRP is known for transaction speed and low costs. It therefore appears that the bloc is considering a viable system to revolutionize its international payment goals.

This move to adopt the cryptocurrency could trigger a huge increase in the price of XRP. Cryptonairz CEO and founder Robert Doyle (Crypto Sensei) believes that the price of XRP could reach $10,000 if BRICS countries widely adopt it. It is a general consensus that BRICS member countries benefit a lot 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 solve.

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

XRP use cases are growing exponentially

Overall, these partnerships are indicative of the growing use cases and recognition of XRP in different nations. Given XRP’s improvement in recent months, especially after Judge Analisa Torres ruled on July 13 that the cryptocurrency is not a security, there is already discussion about the possibility of an XRP ETF.

Since the Securities and Exchange Commission (SEC) gave its approval to the identification of Bitcoin ETFs and recently did so Spot ETF on Ethereumexperts have started to evaluate the implementation of other cryptocurrency ETFs.

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

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