Ripple XRP, a cryptocurrency that facilitates an easy cross-border transfer of currency recently revealed its plan to release its earlier proposed xRapid product finally. A new feature, a product that will enhance cross-border money transfer, which will be adaptable for the traditional banking system.
This has led to a sudden increase in the value of Ripple XRP cryptocurrency. And this seems to make people question if the hype is really worth it?
The Ripple’s xRapid
Ripple’s plan to release the xRapid system was hinted on Monday by Sagar Sarabhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple.
The xRapid product aids payment provider and financial institutions to minimize liquidity cost and improve their customer’s experience.
Sarabhai described the product as a bridge between currencies, that enhance faster cross-border transactions of payment platforms and financial institutions. For example, this aids transfer of the U.S. dollar from the United States to Canada in Canadian Dollar, through the xRapid product, at a faster, and more comfortable means.
xRapid became a goal after the XRP was tested with 12 banks in 2016. Though the Ripple serves the purpose of cross-border transactions for the banking system, however, its adoption was impossible because the banks cited capital requirements and regulatory uncertainty which makes holding the asset impossible.
The event spurred further research and improvement of the Ripples financial services in inventing yet to be debuted xRapid for a better feature and partnership.
The Effect Of xRapid On Price of Ripple (XRP)
The crypto community, getting a knowledge of the plans of xRapid has impacted the value of Ripple cryptocurrency. This has spurred it to a 20% increase within 24 hours. An incredible increase in value that makes it trade at $0.32 at the time of writing this piece.
The drastic increase in price and the prospect of the official launch of xRapid which might increase Ripples’ partnership with a handful of financial institutions around the world has recently lead to speculations of the cryptocurrency trading at $1 or above at its soonest. Presently, Ripple boasts of partnership with 120 banks around the world, and also a handful of payment systems.
Will the xRapid meet its expectations and the demand for Ripple enthusiasts? Hypes and hopes show it must offer more.