BRICS opens doors to Ripple: Will XRP become a new trade power?

Von WOM

The Brics countries, known for their wish to counteract Western dominance, seem to be closer to the integration of Ripple into their alliance with every step. This approach is further inspired by the recent approval of Ripple in the United Arab Emirates (VAE). The VAE play an important role as a key state of the Brics, and the green light for Ripple could represent a turning point in dealing with the Brics with cryptocurrencies.

The BRICS group has been trying to strengthen its economic independence for several years, especially by becoming less dependent on the US dollar. The use of cryptocurrencies and the integration of blockchain technologies could become increasingly important in this endeavor. Ripple, a pioneer in the area of ​​cross -border payments, certainly offers potential to act as an integral part of a new payment system.

ripple and the view of BRICS integration

A remarkable point of this development is the rethinking of Russia in relation to digital currencies: the country has lifted and plans to prepare a blockchain-based payment system that may be presented at the BRICS summit 2024. This creates a stage on which Ripple, with its XRP token, could perform.

experts see the integration of ripple into the BRICS system as a logical consequence. The securing of market ingredients in the region, as recently in the VAE, supports this perspective. Chad Steingraber, a confessing crypto supporter, expressed on X (formerly Twitter) that the decision for Ripple was no longer a hypothetical question. Steingraber supplemented, as Watcher.guru reports that this approval reports the previous discussions make XRP superfluous in the BRICS context.

The advantages of possible integration are promising on both sides. On the one hand, the BRICS group could benefit from an alternative to the US dollar, on the other hand, the use of ripple within this economic alliance could contribute to an increased use case, which could increase the value of XRP. In view of the upcoming BRICS events in 2024, further clarity is expected and the potential of the blockchain-based payment platform will be further developed.