Discussions surrounding the long-term valuation of XRP have intensified as the asset continues to trade above the $2 mark, even amidst broader market weakness. Several analysts contend that XRP may still be undervalued when considered against its expanding relevance in international payment systems. A significant point of contention in these discussions is whether the global financial messaging network SWIFT could potentially adopt XRP as a component of its settlement infrastructure or utilize it to complement its existing processes.
Ripple Leadership's Perspective
Ripple executives have been addressing this topic for nearly a decade. As far back as 2015, Ripple Chairman Chris Larsen explained that Ripple's technology is specifically designed to interconnect diverse payment systems and facilitate immediate settlement across different currencies. He emphasized that the company's objective is not to displace established networks like SWIFT or ACH but rather to function alongside them to enhance the overall efficiency of international money transfers.
In 2018, Ripple's CTO David Schwartz commented that SWIFT's exploration of blockchain technology could potentially increase competition with RippleNet. However, he also noted that such developments could simultaneously create an opportunity for XRP to be incorporated as a settlement option for payments that are initiated through SWIFT.
RippleNet's perhaps. But one obvious pivot would be to positioning XRP to settle Swift payments.
— David 'JoelKatz' Schwartz (@JoelKatz) March 24, 2018
Years later, in 2025, SWIFT confirmed its intention to develop a blockchain-based ledger, which further renewed industry interest in the potential for coordination between the two systems. Ripple CEO Brad Garlinghouse has expressed a more assertive viewpoint. He has argued that SWIFT’s modernization efforts have been limited in scope and has predicted that the XRP Ledger (XRPL) could capture a substantial share of SWIFT-related payment flows within the next several years.
How XRP Could Function as a Liquidity Asset for SWIFT
A scenario where SWIFT relies on XRP for liquidity does not necessitate SWIFT altering its existing messaging architecture. Financial institutions would continue to use their current formats for sending payment instructions. The primary difference would emerge during the settlement phase. Under this proposed model, funds would be converted from the originating currency into XRP, transferred instantaneously, and then subsequently converted into the destination currency. This process is expected to reduce operational delays, lower transaction costs, and decrease the amount of capital that is tied up in nostro-vostro accounts held across international banks.
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— TimesTabloid (@TimesTabloid1) June 15, 2025
Price Outlook if SWIFT Utilizes XRP for Settlement Liquidity
SWIFT facilitates approximately $150 trillion in annual global payment flows. If XRP were to serve as the liquidity asset enabling these transfers, its market valuation would likely need to expand significantly to adequately support the daily volume. To gauge the potential scale, the Google Gemini model was consulted for an illustrative calculation.
The model indicated that the daily SWIFT volume averages around $411 billion. With XRP’s circulating supply currently at roughly 60.25 billion tokens, Gemini applied a conservative liquidity multiple of 100, resulting in an estimated required market capitalization of approximately $41.1 trillion. Dividing this figure by the circulating supply yielded an implied utility-driven price of about $682 per token. Gemini further noted that speculative activity during a major adoption phase could potentially drive the valuation even higher. Under a multiplier of up to 2.5, the projected price range extended from $1,000 to $1,500 per token.
If XRP were to reach the higher-end estimates presented in this model, current holders would likely experience substantial increases in their portfolio values. For instance, an individual holding 5,000 XRP, currently valued at approximately $10,300, would see their holdings worth around $5 million at a price of $1,000 per token, and approximately $7.5 million at $1,500 per token.
The projections provided by Gemini illustrate the potential magnitude of the market impact if such an arrangement were to be implemented. However, the actual outcome would be heavily contingent upon various factors, including regulatory conditions, the emergence of competing technologies, and the readiness of major financial institutions to adopt an alternative settlement framework.