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XRP’s long-standing claims that it would eventually replace or be used by the global payments giant for payments have been refuted by SWIFT’s announcement of its new blockchain ledger.

 

SWIFT announced plans to integrate a blockchain-based shared ledger into its infrastructure at its annual conference in Frankfurt. This initiative is supported by over 30 international financial institutions, including notable names like JPMorgan, HSBC, Santander, and Deutsche Bank

Integrating the XRP Ledger (XRPL) would improve the flexibility of both platforms as organizations transition from outdated frameworks to digital asset-based systems, which already connect to various blockchains through SWIFT’s infrastructure.

The ledger will function as an ongoing, real-time record of global transactions. Its main goal is to enable interoperability between existing fiat rails and digital asset ecosystems. Developed in partnership with Consensys, the system will utilize smart contracts to govern transaction rules while the ledger records and authenticates payments across networks.

SWIFT CEO Javier Pérez-Tasso described the move as “allowing financial institutions to improve the payments experience.” Ripple promotes XRP and its underlying technology as a faster, cheaper, blockchain-powered alternative to SWIFT.

According to Dan Morehead of Pantera Capital, Ripple is “going after SWIFT.” Ripple executives have echoed this focus; Senior VP Eric van Miltenburg stated in January that a “SWIFT-like update” is what Ripple is working on. CEO Brad Garlinghouse has claimed that within five years, the XRP Ledger could “capture 14 percent of SWIFT’s” transaction volume.

CryptoQuant data shows that Binance’s reserves increased from 2.9 billion XRP to 3.6 billion XRP, a 19.4% rise.

XRP fell from $3.18 on September 13 to about $2.84 on September 30, matching the increase in XRP reserves on exchanges. An increase in exchange reserves often signals upcoming selling pressure. When investors plan to sell, they usually transfer their assets to exchanges.

This suggests that investors are becoming less optimistic about XRP’s ability to sustain its upward trend.