There has been speculation from crypto analyst SMQKE suggesting that SWIFT might be looking into incorporating XRP for transactions. He pointed to a code that indicates Ripple could potentially establish connections between SWIFT-affiliated entities and the XRP Ledger.
Analyst Points to Possible Connection Between XRP and SWIFT
In a recent post, SMQKE highlighted the R3 Corda codebase, which indicates a linkage between XRP, ISO 20022, and SWIFT. He noted that any token or company aiming to operate within the SWIFT network must adhere to ISO 20022 standards. Given that XRP is compliant with ISO 20022 and SWIFT relies on these standards, Ripple could theoretically establish direct connections and settlements with any SWIFT-enabled institution through the XRP Ledger.
RippleXity, a stakeholder in XRP, was the first to draw attention to the R3 Corda codebase, identifying modules such as XrpPayment, XrpSettlement, SWIFTService, and SWIFTPaymentStatusType, which indicate potential XRP integration. However, SWIFT has not officially confirmed any plans for integration.
It is important to note that the only existing connection between XRP and SWIFT is through Ripple. SWIFT is listed as one of the connectivity partners for Ripple Treasury in terms of payments. Additionally, the Treasury Management firm is part of the SWIFT Certified Partner program. However, SWIFT does not utilize XRP for its payment processes.
Last year, SWIFT announced intentions to introduce its own distributed ledger, indicating a reluctance to adopt the XRP Ledger or XRP for payments. Nevertheless, Ripple has been integrating XRP into the operations of acquired firms, such as GTreasury, now rebranded as Ripple Treasury. Recently, Ripple incorporated XRP and RLUSD into its treasury management system, marking a significant milestone with on-chain capabilities.
XRP Receives a Boost with X’s Cashtags
In a recent announcement, Nikita Bier, X’s Head of Product, unveiled a new cashtags feature for XRP and other cryptocurrencies as part of their initiative to enhance financial data on the platform. This move aims to increase visibility for these digital assets on the social media platform and simplify trading accessibility.
According to Bier, X users can search for or post a cashtag, and the platform will suggest relevant crypto tokens, enabling users to select the specific asset they are interested in. Users will have access to posts mentioning these crypto tokens, including XRP, alongside price charts without leaving the platform. Bier emphasized that cashtags are just the initial phase in their efforts to position X as the premier destination for the crypto community.
At present, the price of XRP stands at approximately $1.40, reflecting a 3% increase in the last 24 hours, based on data from CoinMarketCap.
Image source: Adobe Stock, chart source: Tradingview.com
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