Crypto: Is XRP the BRICS' monetary alternative?

The BRICS want to get rid of the dollar’s influence in international transactions. The organization reaffirmed this objective at its recent summit in South Africa. As the group’s currency strategy is gradually unveiled, we learn that Ripple’s XRP could contribute to this dynamic.

BRICS interested in Ripple’s XRP crypto?

Will Ripple’s XRP be adopted by the BRICS as part of their monetary ambitions? It’s a possibility. Some of the organization’s member countries see this crypto as an interesting option for the dollar exit plan.

The latest news is that Ripple is currently in talks with several of them. For the time being, no precise information has been released about the countries involved. What we do know is that the countries in question have shown a keen interest in crypto.

For them, crypto is an appropriate means of deploying central bank digital currencies (CBDCs). This, of course, using the blockchain technology exploited by Ripple.

This information is intriguing, to say the least. Up until now, there has been no news of any CBDC being deployed by the BRICS.

XRP’s prominence soars as many countries look to ditch the U.S. dollar. 

Many member states of the BRICS now view the token as a viable payment option. 

Ripple says it is in talks with many countries who want to utilize its ledger for their CBDCs.https://t.co/ueT7DFWLUL

— Michael Branch (@Michael63140627) August 26, 2023

An interesting development for Ripple?

For the time being, Ripple seems to be riding the wave that has strengthened the buzz around its native crypto. This is revealed by data provided by A Chain of Blocks in a YouTube video.

In the video, the crypto analyst shares the trends surrounding XRP following recent developments linked to the BRICS. The decision by these states to explore alternative payment systems to the dollar is said to have significantly fanned the crypto craze.

This dynamic is supported by Coinmarketcap data. It shows that XRP has recorded gains over the past week. And it was the only crypto in the top 5 to post a positive performance over the period.

For Graham Bright, an executive at Euro Exim Bank, XRP’s growing importance can be explained by its technological strength. In his view, its blockchain infrastructure effectively complements the SWIFT system, the current global payment network.

In any case, whether or not the BRICS adopt Ripple’s XRP, their monetary objective is clear. It’s all about reshaping the global monetary and financial system, and moving away from the dollar. A project reaffirmed by Russian President Vladimir Putin at the BRICS summit.