Ripple predicting good news in next month

Marco Green
September 21, 2018

Amid this, Sarbhai said in an interview with CNBC that "the firm was making significant headway with its xRapid product, which is aimed at helping banks speed up transactions by using the cryptocurrency XRP". Transactions are cheap and fast on the XRP ledger thus reducing a transaction that traditionally took 3 days, to 2 - 3 minutes using xRapid.

Although Ripple has shared some incredible news on the matter of pushing the adoption of XRP in the following months through offering xRapid to banks and financial institutions, we can still see XRP dropping against the fiat with the latest negative trend.

Nevertheless, the fact that 120 banks and financial institutions are now in partnership with Ripple - per Sarbhai - and using xCurrent, a blockchain based product to keep track of a cross-border payment in real-time by involved banks, suggest that the cryptocurrency-focused product will see the banks using it sooner than we think.

The new platform is powered by Ripple's xCurrent, a solution that allows banks to instantly settle cross-border payments. The company has been working on this platform to improve the speed of the cross-border payment transactions while reducing the capital requirement for the liquidity.

The company explains that xRapid uses XRP as a sort of bridge between currencies. For example, a bank may execute a transaction from the USA dollars to Indian rupees.

For instance, a bank may perhaps want to process an exchange from the USA dollar to Indian rupees.

Ripple, the blockchain based start-up will soon launch xRapid, its cryptocurrency product for finding application in commercial purposes.

It is worth noting that the general traditional banking industry has been reluctant to adopt cryptocurrencies, ditching them for having no real value whatsoever - or so they say - while praising the technology behind these, Blockchain. With xRapid, Ripple claims that process would be sped up by converting the USA dollars into XRP tokens, to then move the money overseas, converting it back into Indian rupees at the other end. The company behind the third largest cryptocurrency in terms of market cap said that it had partnered with several giant banks and financial services firms like American Express, Western Union, Santander, and MoneyGram among others. One XRP coin can now be bought for $0.28 or 0.00004326 BTC on major exchanges including Bitinka, Altcoin Trader, Braziliex and Bitstamp.

The CEO of Ripple, Brad Garlinghouse predicted the adoption of xRapid by dozens of financial institutions by 2019 end.

While the corporate world has often struggled to embrace even the concept of cryptocurrency, based off years of negative press pertaining to illicit "dark web" transactions, not to mention volatility within the digital currency market, Ripple has been embraced by big business and banking from day one, who see XRP as less of a currency and more of a technological tool. According to him, "A couple of years ago the narrative was: blockchain good, crypto bad".

"So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in".

Other reports by Click Lancashire

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