Cryptocurrencies are not just digital currencies, they are solutions to many financial and banking problems that people have lived with for many years. When you look at cryptocurrencies like Ripple, you realize that there is much more to this technology than meets the eye. Ripple network is supposedly a solution to make cross-border payments a breeze not just for individuals but institutions as well. It promises to increase the speeds of these transactions, make them more reliable, and reduce their costs significantly.
SWIFT has come up with a response to that. SWIFT wants to provide a solution that addresses all three of those problems apparently. This new solution from SWIFT is called GPI, which stands for global payments innovation.
The Effect on XRP Value
According to experts, you might not see any problem with XRP prices in 2020 because the solution is still the most viable one for the future. SWIFT is trying its best to improve the system but its measures have been labeled as only insignificantly impacting by the officials at Ripple i.e. XRP. If a payment from one country to another country still takes 30 minutes to an hour, then SWIFT has not made a huge improvement. On the other hand, you have Ripple, which supposedly makes these transactions even faster for very minimal, or almost negligible, transaction fees.
Marjan Delatinne used to work for SWIFT, but she has now moved to Ripple after quitting working for her previous employee. People had expected to her to say bad things about the previous employer or at least admit that its solutions were outdated, but none of that has happened. According Delatinne, the financial institutions around the world should consider both solutions and pick the one that suits their operations the most. There is no doubt that XRP is still the most favorite and practical ones, even according to the previous SWIFT employee.
Should Cryptocurrency Traders Worry?
It all comes down to speculations and forecasting. If you are a trader who wants to trade cryptocurrencies, you will have to pay attention to these pieces of information flying in the market. If you choose the right broker, you can go long or short on your position while trading cryptocurrencies. You just have to find the right brokers who provide you with all of these options. One of your options is XTR Gate. You might have heard a lot of bad stuff about this broker, but you are highly recommended to read this XTR Gate Scam to know the truth.
If you want more options for trading cryptocurrencies, you can also consider Neuer Capital blog trading platform review. You cannot go wrong with either.
Cryptocurrency trading is similar to trading any other asset in the world. If you want to stay on top of things, you have to stay on top of the news as well. For someone who is interested in investing money in XRP, the new innovations from SWIFT should definitely be considerable options. While you can rely on the results of your further research, most experts believe that Ripple will not lose its value in 2020 just because of SWIFT’s recent announcement.