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Do to commission/transaction costs charged by the huge banks (JP Morgan, Citi), is it possible that it could eventually be cheaper for a small bank to go EUR --->XRP--->USD than it would be for that small bank to call up JP Morgan and place a EUR/USD transaction through them directly (the current system)? 


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In theory it could be. They wouldn't even need to do the XRP mid-step and execute a USD/EUR order directly. There's still some cost associated to getting EUR into, and USD out of, appropriate ripple gateway (unless the bank(s) are gateways themselves. In that case it could be really cheap and basically instant).

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