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- Crypto influencer BitBoy raises XRP investors’ hopes and asks them to look beyond just price movements and greater XRP utility.
- He talks about XRP’s applications beyond the banking domain which includes governance, accounts, tokenization, decentralized finance (DeFi), and NFTs.
During the recent crypto market correction last week, the XRP price came crashing down under $0.50 levels thereby losing all of its gains after the court ruling. However, some market analysts are bullish about the future of Ripple which spans across global banking systems and financial worlds.
Ben Armstrong, a well-known crypto influencer recognized as BitBoy, recently delved into the potential and significance of XRP beyond Ripple’s banking-related initiatives. BitBoy’s aim was to redirect attention away from XRP’s present price performance and highlight factors that could bring a positive impact to its role.
People thought $XRP would skyrocket after the SEC failed to classify it as a security in the Ripple lawsuit.https://t.co/M6rdq7joVU
In this video, I explain what everyone is missing about the Ripple Case & why the #XRPArmy should still be excited.
— Bitboy Crypto (@Bitboy_Crypto) August 23, 2023
BitBoy initially directed his attention to the drawbacks of the current cross-border payment system involving the SWIFT network. He elaborated that since 1973, SWIFT has depended on third parties to facilitate the clearance and settlement of financial transactions among banks. This intermediary framework often results in delays, inefficiencies, and escalated expenses.
BitBoy underscored that while these challenges might be manageable for smaller transactions, they pose significant obstacles for businesses handling trillions of dollars in daily foreign exchange market activities. The ongoing discussion about this matter continues.
BitBoy noted that Ripple has been responding to these challenges through its blockchain-based solutions like RippleNet. Ripple developed the RippleNet solution back in 2012 as a cost-effective and faster alternative to SWIFT. The platform offers real-time payments and remittance services along with advanced cross-border payment solutions.
On the other hand, there’s the XRP Ledger which uses the XRP crypto for instant cross-border settlements. For XRPL, Ripple has already partnered with over 100 financial institutions in 55 countries. The XRP Ledger supports 120 fiat currency pairs.
XRP Applications Beyond Banking
In the recent episode, BitBoy provided several use cases for XRP that span beyond Ripple’s banking initiatives. He discussed governance, accounts, tokenization, decentralized finance (DeFi), and NFTs as domains where XRP finds utility.
Furthermore, BitBoy commended the XRP community for their contributions to establishing captivating initiatives on the XRP Ledger (XRPL). Prominent projects highlighted encompass xSPECTAR, XPUNKS, and Sologenic. He underscored that the XRP ecosystem goes beyond Ripple’s banking emphasis and applauded the XRP Army as the most robust community in the crypto sphere.
BitBoy emphasized the distinctive regulatory stance of XRP within the United States, asserting its status as the sole altcoin with well-defined regulatory clarity in the American market. This regulatory edge might enhance the appeal of projects centered around XRP for both investors and users.
In summary, BitBoy counseled the XRP community to stay informed, attentively track market progress, and maintain resilience in the face of challenges stemming from the SEC case. Despite these difficulties, BitBoy holds the belief that XRP is well-positioned to attain substantial growth during the upcoming bullish phase.
