XRP Price Surges 1.6% Amid SWIFT Blockchain Pilot Announcement

XRP price has seen a modest gain of about 1.6% following SWIFT's announcement of a blockchain payments pilot involving 17 banks, including several with ties to Ripple.

The pilot will evaluate whether distributed ledger technology can support international payments across participating financial institutions, according to SWIFT.

Among the banks involved are Standard Chartered and UBS, which have existing business relationships with Ripple through crypto custody services or cross-border payment infrastructure built on the XRP Ledger.

An analyst noted that while the pilot is a positive development for Ripple, it does not necessarily create direct demand for XRP, as SWIFT's proposed settlement model relies on tokenized bank deposits rather than the token itself.