Why XRP may Become the Leading Crypto in the Industry in Terms of Crypto for Payments

Why XRP may Become the Leading Crypto in the Industry in Terms of Crypto for Payments

Ripple and XRP are rewriting the rulebook and are poised to become the undisputed champion in crypto payments. Here’s why XRP is the trailblazer to watch.

When it comes to bank partnerships, no other cryptocurrency beats XRP. The XRP Ledger is currently one of the most used in banking. Aside from this, Ripple is also the most preferred blockchain for governments when building their Central Bank Digital Currencies (CBDCs).

1. Ripple (XRP) and Singapore

On June 21, 2023, the Monetary Authority of Singapore (MAS) granted Ripple an in-principle approval for digital payments in their new crypto laws. Ripple can now offer regulated digital payment products and services in the country.

2. XRP and the Muslim World

Ripple secured approval from the Muslim world (Saudi Arabia) as the only Shariah law-compliant cryptocurrency. The Shariyah Review Bureau (SRB) that approved XRP is licensed by the Central Bank of Bahrain. According to the paper released by the SRB, β€œ$XRP can be deemed Shariah compliant.”

3. Ripple and the Bank for International Settlements (BIS)

When you think of the big kahuna of banks, think BIS. On August 9, 2023, BIS announced that Ripple was an official member of its “cross-border payments interoperability and extension taskforce.” The payments interoperability and extension (PIE) taskforce was created to,

“enhance cross-border payments and meet the quantitative targets for cross-border payments endorsed by the G20 by improving access to payment systems, extending payment system operating hours, and establishing links between payment systems – including aspects of messaging, such as ISO 20022 and application programming interfaces.”

PIE Taskforce

The XRPL is more Scalable than BTC, ETH, and ADA

The XRP blockchain, commonly known as the XRP Ledger (XRPL), is more scalable than Bitcoin, Ethereum, and Cardano. In a study done by CryptoCompare, the XRP blockchain was the fastest and the cheapest in terms of payments.

With a finality time of 3.3 seconds, the XRPL can move upwards of 1500 TPS. Compared to Bitcoin, Ethereum, and Cardano, which move an average of 41 TPS combined, XRPL stands out as a god among blockchains.

The blockchain also uses less energy and is poised to become the darling of many governments and ecologically conscious conglomerates.

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