Is Ripple’s XRP cryptocurrency at the heart of the new monetary project of the BRICS?

The BRICS nations are expanding their initiatives and pushing the boundaries of the unimaginable. This year, the alliance has accelerated its project to dethrone the American dollar with a surge in dollar-free trade. However, a new question has emerged since the Russian Minister of Foreign Affairs mentioned the creation of a BRICS stablecoin. Could XRP serve as a bridge between the currencies of the member countries of the alliance? Analysis.

Ripple (XRP) Soon Involved in BRICS Transactions?

Ripple, the company that has become a benchmark for instant cross-border payments, could be the major beneficiary of the BRICS de-dollarization project. This is what comes to mind following Sergei Ryabkov’s announcement of the stablecoin project for the BRICS.

This stablecoin is expected to facilitate digital transactions among the member countries of the Alliance. Its deployment would put a real boost to the ongoing dynamics within the coalition. Recall that this year, China and Russia have planned to bypass the dollar in more than 260 million dollars of trade exchanges.

If this dynamic continues with the creation of a gold-backed stablecoin, the BRICS may well decide to work with Ripple’s XRP cryptocurrency. The company has stood out over the past few years in resolving issues with transaction times and costs in international payments.

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Will XRP Crypto Soon Surge?

Of course, nothing can be concluded with the current data. The BRICS stablecoin project is still at the study stage. However, if the hypothesis of XRP’s future involvement in BRICS transactions were to materialize, it would be a big break for XRP.

Indeed, the cryptocurrency that is currently trading around $0.4931 on Binance with a decrease of 1.58% in the last 24 hours. Its price is far from the January 2018 peak of $3.8419.

This performance of the cryptocurrency is obviously linked to the series of legal troubles the company had faced over several years. However, Ripple impressed in Q3 2023 with a quarterly revenue increase of 12.57%. The hypothesis of a possible upcoming explosion of XRP is perhaps worth considering.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.