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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

SWIFT Approaching Ripple (XRP) Speeds In Latest Cross-Border Payment Trial

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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The Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT has successfully completed a cross-border payment from Australia to Singapore, in only 13 seconds in a new trial the international payments prcoessing giant is experimenting with, reaching speeds closer and closer to what Ripple – the crypto asset aiming to distrust SWIFT and the cross-border payments industry – is capable of.

Last month, Ripple announced a partnership with cross-border settlement powerhouse MoneyGram, in its latest attempt to disrupt the industry. But while the news was able to cause MoneyGram stock prices to soar, it’s done very little for Ripple and XRP, which has only further dropped in price and sentiment since then. Is Ripple swiftly losing ground to SWIFT, or is the MoneyGram move enough to secure Ripple’s place in the cross-border settlement space?

SWIFT Makes a Major Payments Splash While XRP Crypto Barely Makes a Ripple

Ripple, also known as XRP, the native cryptocurrency token for the Ripple protocol, is positioned to become the eventual replacement for cross-border settlements and payments, such as SWIFT-based bank wires, Western Union payments, and more. It’s a multi-trillion dollar industry that’s done little in the way of evolving over the years.

Related Reading | Crypto Analysts: Ripple Most Bullish USD Chart, XRP Target 2000% Gains

But even with a higher transaction per second capacity, a transparent distributed ledger, and payment speeds from destination to destination taking only 4-7 seconds and costing only a fraction in fees, Ripple has failed to garner market share. This puts the company and crypto asset at a disadvantage, during a time when crypto is no longer being viewed as the golden goose, regulation is looming, and competitors like Swift are catching up.

In its latest global trial, interbank payments processing-giant SWIFT has completed a cross-border transaction from Australia to Singapore in just 13 seconds. The trial involved integrating SWIFT’s existing Global Payments Innovation Instant into Singapore’s native payment service called FAST. Ten banks in total participated in the trial, including heavyweights like HSBC and Royal Bank of Canada.

SWIFT considered blockchain technology like that which Ripple is built on to bolster its cross-border payments systems, however it the firm discovered it was too “challenging” to implement for only a small margin of improvement.

Related Reading | Ripple Effect: MoneyGram Stock Continues to Soar, When Will XRP Price Follow? 

A 13-second transaction is only double the length of time it would take for a Ripple transaction to complete, however, anything under a minute is likely negligible for the average user or bank client, which would consider either cross-border payment solution to be more than sufficient. With speeds comparable to Ripple, it’s not too surprising to see investor sentiment around XRP begin to decline, along with its price.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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