Is Ripple’s XRP the Key to BRICS’ New Monetary Project to Finally Ditch the US Dollar in 2024?

• BRICS has revealed that it is working on a stablecoin, leading to speculation that the alliance could adopt Ripple’s XRP.
• Ripple has a dedicated CBDC platform that helps central banks, governments, and financial institutions build their stablecoin.

Following the confirmation that the BRICS alliance is developing a stablecoin, the community is speculating that Ripple’s XRP could be leveraged. Russian Minister of Foreign Affairs confirmed that the alliance will launch a stablecoin to facilitate international transfers.

With its reputation for instant cross-border payments, Ripple could be a major player if the BRICS countries move forward with their de-dollarization stablecoin project, as hinted at by Sergei Ryabkov’s announcement.

The XRP community has speculated that XRP could serve as a bridge between the currencies of the member countries. Ripple has already shown its prowess in instant cross-border payments. Ripple’s On-Demand Liquidity product (now Ripple Payments), has been highlighted by the IMF and the World Bank as revolutionary.

In 2024, China and Russia aim to conduct over $260 million in trade exchanges without using the US dollar. Other countries have entered into similar arrangements involving billions of dollars in value. All of this is to significantly reduce the dollar’s international influence.

The Russian minister has revealed that BRICS intends to develop its own platform to develop and issue its gold-backed stablecoin. However, the community recognizes that it would be better suited to use Ripple’s technology.

WOW!

BRICS may be set to benefit Ripple ( #XRP ) greatly with the launch of its very own stablecoin!

Specifically, the cross-border settlement giant could be a critical part of the asset's impending launch!

BRICS XRP https://t.co/KHPkzOB57t pic.twitter.com/jDixjVXT1Z

— ???????????????????????? (@_Crypto_Barbie) May 1, 2024

It’s still early days for the BRICS stablecoin project, and any conclusions about XRP’s involvement are speculative. However, XRP’s potential role in BRICS transactions, if realized, could be a significant development for the cryptocurrency. This could easily lead to mass adoption and drive demand and value for the digital asset.

At the time of writing, XRP is up by 3%, extending its weekly surge by 6%. Trading for $0.54, investors are optimistic about retesting short-term resistance levels beginning with $0.55 and $0.60.

The past few years have seen XRP price performances suppressed, primarily due to the ongoing SEC v. Ripple case. The SEC alleges that XRP are securities and has sued Ripple for issuing them. As CNF highlighted, Ripple vs. the SEC is getting ever closer to a conclusion.

The latest battle revolves around Andrea Fox, an accountant from the agency’s Enforcement Division whose witness the SEC submitted post-discovery to support its $10 billion penalty proposal. Ripple fought back against Fox this week amid a decline in volatility on the XRP market.

Once the case is over, investors anticipate the token will rally to revisit its all-time high of $3.84 achieved in 2018.