In a video clip showing discussion of the Wall Street forum, there was a highlight on Ripple, Bitcoin, and others. Emphasis was laid on Ripple as regards its operations and the impact on XRP acceptance.
The forum agreed unanimously that Ripple XRP will become a means of Foreign Exchange settlement instead of the US Dollar. The reason for this conclusion is based on so many factors.
Using Ripple Tools Makes Settlement Faster
According to the forum, settling transactions in the Foreign exchange market with dollars takes a couple of days, but seconds with Ripple XRP. The early foreign exchange settlement needed to be facilitated.
This led to the development of payment systems that operate on real-time gross settlement principles. Ripple financial tools xRapid and xCurrent which are integrated with the native token XRP, make settlement even faster.
Ripple XRP is designed to transfer any fiat currency into another at a faster rate than bitcoin. It can settle payments within four seconds and process 1,500 transactions per second.
It offers the financial institutions a better means of transferring money from one currency to another across borders in seconds. This kind of transactions normally takes 2 to 5 days to settle.
Ripple is Finance by Banks World Wide
Over two hundred banks across the globe are partnering with Ripple, and more are joining. Recently, Ripple established its presence in Dubai and the Middle East. Financial institutions find Ripple decentralized financial tools more convenient than dealing with a complex global payment system.
They prefer using XRP to other slow cryptocurrencies like bitcoin which can process only seven transactions per second.
Besides, Ripple is joining forces with most central banks, which will, in turn, lead to banks under these central banks to use XRP.
Since the settlement of payment in XRP is faster than the dollar, the forum believes XRP will be used as the settlement currency in the next five years.