With Ripple establishing itself as a leader in cross-border payments, one analyst says that its XRP token is an asset that can one day replace the US dollar. Indeed, cryptocurrency expert Armando Pantoja noted that the token boasts quite an optimistic future as it continues to be developed.
Over the last several years, XRP has been targeted by the US Securities and Exchange Commission (SEC). With Ripple engaged in a years-long lawsuit, traders are anticipating a verdict within the next week. The crypto is expected to surge in price following the decision.
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XRP a US Dollar Replacement? One Analyst Thinks So
According to Pantoja in a recent post to X (formerly Twitter), Ripple is developing payment rails that could propel XRP to eventually replace the US dollar. The rails would allow XRP to “link up and stabilize currencies everywhere,” Pantoja said. The decision could be massive for its future.
“It might just be the one to take over the dollar’s spot as the global reserve currency,” Pantoja added. Although it is immensely optimistic, it is an idea shared by Ripple themselves. The company has maintained this focus on revolutionizing the global economy and international finance systems.
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The company uses its cross-border technology to enable faster transactions, expand to markets that were previously inaccessible, and track payments in real time. For Pantoja, and other analysts, this sets the table for a massive shift amid a digital asset revolution.
With geopolitical concerns arising from the prevalence of the greenback, something like Ripple can be the perfect solution. Economic collectives like BRICS have sought to create their own currency. Meanwhile, leading cryptocurrency Bitcoin has been seen as a potential solution to the US dollar’s dominance as a global reserve asset.
Despite months of poor performance, Ripple has done well to start the week. Trading above $0.43, in the last 24 hours XRP is up almost 3% according to CoinMarketCap. Moreover, its trading volume surged almost 78% as traders are anticipating an end to the SEC lawsuit. Such a conclusion could have unprecedented ramifications on the token.