A recent BRICS report, comprising Brazil, Russia, India, China, and South Africa, identifies the XRP Ledger as a potential system for digital payments.
XRP Ledger as a Solution for BRICS
The BRICS document mentions that the XRP Ledger (XRPL) could serve as the foundation for a shared digital payment infrastructure. XRPL stands out due to its speed, low costs, and ability to connect different currencies. According to the Infobrics website, BRICS requires an infrastructure that is fast, neutral, and censorship-resistant for cross-border transactions.
Market Implications for XRP
If BRICS indeed uses XRPL, it could significantly increase the demand for XRP, the digital asset that powers the ledger. One advantage of XRPL is its ability to settle transactions in just a few seconds at very low cost. Additionally, its support for digital assets such as stablecoins and tokenized goods makes it a promising solution for international trade.
Current Market Conditions for XRP and BRIC Chain
BRIC Chain is currently trading at **$17.10**, reflecting a **0.3%** increase in the past day, while Ripple (XRP) is trading at **$2.80**, up **1.95%** over the last 24 hours. XRP continues to show strength, holding a support level at $2.70, with increasing accumulation by large investors.
BRICS's choice of the XRP Ledger could significantly impact the digital asset market by increasing interest and demand for XRP. Future steps by member countries in this direction will be closely monitored.
