BRICS Shift Away from U.S. Dollar Could Boost XRP, Says Expert
The BRICS alliance—Brazil, Russia, India, China, and South Africa—is moving away from the U.S. dollar, sparking conversations about global finance and the role of cryptocurrencies like XRP. Experts suggest XRP, the digital asset tied to Ripple Labs, could play a crucial part in this shift.
XRP: A Top Contender for BRICS’ Digital Currency?
Crypto analyst Amelie shared on X (formerly Twitter) that XRP might lead if BRICS nations adopt a digital currency for cross-border payments. This follows U.S. Rep. Marjorie Taylor Greene’s warning that BRICS’ decision to stop trading in dollars could severely impact the U.S. economy, driving inflation and devaluing the dollar.
Amelie believes XRP’s established infrastructure for secure and quick transactions makes it a viable option for the BRICS alliance. Ripple’s partnerships with global banks and XRP’s ability to settle international payments cheaply and within seconds give it a competitive edge.
Ripple’s Global Reach and Potential
Ripple’s technology is already used by 80% of Japanese banks, and Russian President Vladimir Putin recently announced plans for a blockchain-based BRICS payment system to bypass Western financial networks. This shows that Ripple’s influence is growing, and XRP could help streamline financial exchanges between countries in the BRICS alliance.
Moreover, BRICS isn’t the only group moving away from the U.S. dollar. The Commonwealth of Independent States (CIS) has shifted 85% of its cross-border trades to local currencies, adding pressure to the dollar’s dominance. In addition, BRICS is considering using the Chinese yuan for oil transactions, which may further accelerate the decline of the dollar’s role in global trade.
Global Shift Toward Digital Assets
As BRICS and other nations reduce their reliance on the U.S. dollar, digital assets like XRP could emerge as key players in the new financial landscape. Experts and crypto enthusiasts are closely watching how this shift unfolds, with some predicting that XRP could be adopted as BRICS’ official currency by 2025.
In a rapidly evolving global economy, XRP’s role could extend beyond traditional crypto circles, positioning itself as a major force in international payments.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. The views expressed are those of the author and not necessarily those of CryptoInsider. Readers are encouraged to conduct their own research before making any financial decisions.
