Bitcoin (BTC) managed to surpass $ 24,000 a few hours ago. The highest price Bitcoin ever reached. Nevertheless, Pantera Capital CEO Dan Morehead is also bullish on XRP.
During a recent interview with Raoul Pal, he mentioned that XRP could be pooling cross-border funds. XRP is now among the largest cryptocurrencies in the world. However, it is far from reaching its record high of $ 3.84 in 2018.
Bullish Analyst on XRP
Dan Morehead, CEO of blockchain investment firm Pantera Capital, is bullish on XRP. During a chat with Raoul Pal through Real Vision, he noted that XRP is currently chronicling the cross-border money movement that people were talking about.
He has also shown an example of how the cross-border transfers from the United States to Mexico using blockchain technology continue to grow. Currently, they currently account for almost 10% of the total transmission corridor.
On the matter, he noted:
“XRP is chronicling the cross-border money movement that everyone in the industry has been talking about for a long time. Currently, blockchain-enabled cross-border currency movement from the United States to Mexico comes close to 10% of that all-important $ 25 billion transfer corridor. “
It’s worth noting that Ripple has been working for several years now to offer better solutions than those offered by SWIFT. Transfers between countries are becoming very inefficient, and the costs are usually passed on to clients and consumers.
There are several countries where workers send money back to their families. They usually send a few hundred dollars back to their homeland. These transfers typically have to pay between 5% and 15% of commissions, which is certainly high. This is why XRP helps reduce fees when transferring money and making it faster.
Normal fiat currency transfers can take several days to process from bank to bank. Instead, using XRP, the transactions settle in just a few seconds and for reduced fees. International and seasonal employees will be able to receive a reduced commission for their transfers. At the end of the year, they will find that they will have more disposable income that they can use to improve their living conditions.
At the time of writing this article, XRP is the third-largest digital asset and is trading at around $ 0.58 and has a market valuation of over $ 26 billion.