On July 18, 2025, leading data indicated that global transaction volume on the SWIFT cross-border payment network fell by 15% month-over-month—a sharp drop rarely seen in the past decade. Simultaneously, Ripple’s XRP Ledger experienced explosive daily transaction growth. On-chain activity and total transfer value surged, drawing significant market attention.

Causes Behind the Decline in SWIFT Transaction Volume

1. Cost and efficiency challenges: SWIFT depends on traditional interbank settlements, which typically take 1–3 business days for cross-border payments. These transactions incur significantly higher fees. Its lagging efficiency is increasingly apparent in the era of digital payments.
2. Global economic uncertainty: In the first half of 2025, changes in global monetary policy and heightened geopolitical tensions eroded confidence in traditional cross-border payments among businesses and individuals.
3. Rising competition: Innovative cross-border payment solutions like RippleNet and Visa B2B Connect are coming online, drawing many small and mid-sized institutions toward lower-cost alternatives.

What’s Driving the Surge in XRP On-Chain Activity?

1. Real-time settlement: The XRP Ledger settles transactions in just 3–5 seconds, enabling near-instant cross-border payments and dramatically improving capital efficiency.
2. Ultra-low transaction cost: Each transaction costs less than 0.0001 XRP—effectively negligible and far more economical than traditional SWIFT fees.
3. Expansion of RippleNet: RippleNet continues to onboard more institutions. Many of these institutions are piloting XRP as a bridge currency in cross-border payment initiatives, further boosting on-chain transaction volumes.

XRP Price and Market Snapshot

Figure: https://www.gate.com/trade/XRP_USDT

As of press time, real-time data shows XRP trading at $3.13 USD, with a 24-hour volume of about $6.64 billion USD and an intraday change of +0.14%. Technically, XRP is consolidating between $3.10 and $3.30. If it holds above the $3.10 support, XRP may test the previous high at $3.66 in the short term. If it falls below, watch the $3.00 area as a critical price level.

Outlook for Ripple’s Payment Ecosystem

1. Faster institutional adoption: More financial institutions are expected to incorporate XRP into their FX settlement workflows in the second half of 2025, driving sustained growth in on-chain activity.
2. Regulatory clarity: As the SEC’s litigation around XRP progresses, a favorable resolution could further boost market confidence.
3. Ongoing technical upgrades: Ongoing enhancements to XRP Ledger’s throughput and security lay the groundwork for greater scalability in payments.

In summary, the limitations of traditional payment models in efficiency and cost are underscored by SWIFT’s declining transaction volume. With its speed and low transaction costs, Ripple’s XRP Ledger is gaining traction in cross-border payments and may transform the global payments industry.