Bitcoin (BTC) was able to surpass $24,000 a few hours ago. The highest price ever reached by Bitcoin. Nonetheless, the CEO of Pantera Capital Dan Morehead is also bullish on XRP.
During a recent interview with Raoul Pal, he mentioned that XRP could be accumulating cross-border money. XRP is now among the largest cryptocurrencies in the world. However, it is far from reaching its all-time high of $3.84 in 2018.
Analyst Bullish on XRP
Dan Morehead the CEO of the blockchain investment firm Pantera Capital is bullish on XRP. During a conversation with Raoul Pal through Real Vision, he stated that XRP is currently accumulating the cross-border money movement that people was talking about.
He has also shown an example of how the cross-border transfers from U.S. to Mexico using blockchain technology continue to grow. At the moment, they are currently at almost 10% of all the remittance corridor.
On the matter, he stated:
“XRP is accumulating the cross-border money movement that everyone in the industry has been talking about for a long time. Currently, blockchain-enabled cross-border money movement from the United States to Mexico is getting close to 10% of all of that very important $25 billion remittance corridor.”
It is worth mentioning 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 to clients and users.
There are several countries where workers send money back to their families. They usually send a few hundreds of dollars back to their home country. These transfers usually have to pay between 5% and 15% of commissions, which is certainly high. This is why XRP is helping reduce fees while transferring funds and making it faster.
Normal transfers of fiat currencies can take several days to be processed from bank to bank. Instead, using XRP, the transactions get settled in just a few seconds and for lower fees. International and seasonal workers will be able to get a reduced commission for their transfers. At the end of the year, they will see they will have a larger disposable income they can use to improve their living conditions.
At the time of writing this article, XRP is the third-largest digital asset and it is being traded around $0.58 and it has a market valuation of over $26 billion.