Ripple (XRP) Brad Garlinghouse says: Ripple is taking over SWIFT

  • Ripple’s CEO Garlinghouse says there were opportunities for SWIFT partnership, but now is time to take over.
  • “Some of the largest Swift-enabled banks in the world are now using Ripple’s technology,” Brad Garlinghouse.
  • XRP/USD poised for an upswing towards $0.55 in the near-term.

Ripple (XRP) is redefining its presence in the market, particularly the remittance sector. This sector has been dominated by traditional systems like SWIFT. However, the chief executive officer, Brad Garlinghouse reckons that the network is taking over SWIFT’s market share by a bang. Moreover, in a recent interview with Bloomberg, the CEO clarified that the rumors of Ripple and SWIFT integration are just that, rumors. He clarified:

“Strictly rumors. There’s lots of rumors and I’m hesitant to comment on any rumor, because if you comment on the false rumors then you have to comment on the true rumors. And so you just avoid all of them.”

Garlinghouse says that at the moment, partnering with SWIFT is rather irrelevant. He believes that the payment and money transfer that the company has developed are enough to unseat SWIFT taking over the global cross-border remittances. Brad continued:

“I think what we’re doing and executing on a day-by-day basis is, in fact, taking over Swift. In that, we’ve now signed up well over 100 banks. Some of the largest Swift-enabled banks in the world are now using Ripple’s technology.

In addition to that Garlinghouse said:

“We feel like we’re here to help the banks. Swift is owned by the banks. There have been opportunities where maybe there’s partnership opportunities. We haven’t been able to bring those to fruition. But we’re going to keep focusing on solving the customer problem. Swift said not that long ago that they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree.”

Ripple price technical picture

After breaking out of the contracting triangle show on the hour chart, Ripple is on a roll hammering on the immediate resistance hurdle at $0.53. Likewise, the bulls have their eyes glued on $0.55 in preparation for further upside movement past $0.6. Ripple is expected to trade in the range between $0.80 and $1.00 by the end of this year. Meanwhile, Ripple value is at $0.523 at the time of press. The signals are positive at the moment, where the RSI is pointing north and the MACD on the same chart ranging above the mean line. A look at the chart shows that the crypto is poised for an upwards swing in the near-term as the buyers take their positions.

XRP/USD 60’ chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

War for dominance hit the bedrock of the market

The cryptocurrency market reaches the end of the week with widespread declines in the crypto market. The week has been dominated by a boiling Altcoin segment that has set very significant rises.

More Bitcoin News

BCH/USD in retreat after gaining 7% in a matter of minutes

Bitcoin Cash (BCH) is still in a red zone on a day-to-day basis; however, the coin recovered strongly from the intraday low of $232.60 and hit $240.00 in a matter of minutes. At the time of writing, BCH/USD is changing hands at $237.00.

More Bitcoin Cash News

ADA/USD extends the decline, $0.1000 at risk

Cardano (ADA) extended the decline and hit $0.1102 on Friday. The coin has lost 20% from the peak of $0.1386 reached on July 8. At the time of writing, ADA/USD is changing hands at $0.1120, down 9% in the recent 24 hours.

More Cardano News

ETH/USD volatility ousted as DeFi skyrockets to $2 billion

Ethereum alongside the largest cryptocurrency, Bitcoin are dealing with a peculiar situation characterized by low trading volume, poor investor interest as well as the lack of catalysts.

More Ethereum News


Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast