XRP (Ripple) is set to be one of the cryptocurrencies to hit their all time high (ATH) during this bull run as the Bank of America has adopted the coin for internal transactions.
The Bank of America recently made a major change after deciding to use XRP for “100% of internal transactions.”
The bank is now using XRP for “100% of its internal transactions,” David Stryzewski, CEO of Sound Planning Group, told FOX Business.
Stryzewski said that Bank of America has filed 83 patents related to Ripple’s blockchain technology, integrating XRP into the bank’s daily operations. He also expressed optimism about XRP’s potential, asserting that it will become an important tool in the financial industry.
XRP is a cryptocurrency and native token of XRP Ledger, an open-source blockchain. The cryptocurrency and blockchain are designed to enhance global financial transfers and the exchange of several currencies. Investors also use it to store value and profit from price fluctuations.
Stryzewski emphasized: “XRP will be the platform that everything will run on in the future.” He also reinforced his positive assessment of XRP by pointing out that, despite regulatory hurdles, Ripple is still making steady progress in the payments sector.
He also mentioned Ripple’s recent stablecoin launch, seeing it as a move that will help strengthen the company’s position in the payments industry.
According to Ripple’s official website, Bank of America is a member of RippleNet – Ripple’s global payments network – and sits on the network’s Governance Committee. The committee is made up of leading financial institutions around the world, working together to develop and maintain standards for cross-border transactions.
Other companies such as Standard Chartered, Santander, and Nium are also members of RippleNet. Notably, Bank of America filed a patent in 2017 for a payment system that uses the distributed ledger “Ripple.”
The system aims to make real-time payments and facilitate communication between banks, using distributed ledger technology (DLT), which allows banks to verify transactions synchronously.
XRP is a digital asset built for payments and the native asset of the XRP Ledger (XRPL), a decentralized, public blockchain.
XRP currently has a market capitalisation of over $150 billion, rising from less than $30 billion in December 2024 following Donald Trump’s win in the American presidential election.
The goal of the developers was to develop a peer-to-peer trust network that was fast, affordable and energy-efficient.
Only 100 million XRP tokens will ever be in existence, and today about 50% are in circulation. XRP can be bought and sold on most major cryptocurrency exchanges. XRP and the XRP Ledger are also used by blockchain services company Ripple on its payment platform to facilitate transactions between financial institutions, businesses, and organizations.
