Ripple has been strongly touted as the blockchain-oriented company to revolutionize the banking industry in terms of methods of funds transfer. On its part, the company has popularized XRP as one great way for making quick cross-border payments.
Ripple’s Kevin Mole featured in one of Ripple’s video tweets explaining the role of XRP in improving cross-border payments. Kevin is Ripple’s VP of Product Marketing.
Learn how XRP is key for on-demand liquidity in cross-border payments with VP of Product Marketing Kevin Mole on the latest episode of the #RippleDrop. https://t.co/k7AhGaB80r pic.twitter.com/Sas9jlxIx5
— Ripple (@Ripple) June 11, 2019
Fast, Low Cost, No Pre-funding
In the video, Kevin explained that XRP is favored for cross-border funds transfer because it offers a very fast (instant) settlement at a very low cost. Also, people using XRP to send funds don’t have to pre-fund the destination account. That’s one of the many advantages that XRP has over the traditional banking system.
Kevin went ahead to mention that currently, the payment system is already operational in Mexico and the Philippines. A lot of the money sent to these two countries is mostly meant to cater for food, upkeep, school fees, and such immediate needs, and using XRP to make instant transactions really comes in handy in these cases. Ripple plans to roll out its systems to cover more countries by the end of this year.
Investors Want Some Movement
The tweet received a lot of positive replies, with many of the fans expressing optimism about the future of XRP. However, there were some who thought that XRP really needs some positive price action in order for investors to prioritize the digital asset.
One of the commenters even opined that they can only sell their XRP at $500 per piece, a statement that affirms just how bullish most of the XRP holders are at the moment.
Granted, Ripple has been making quite some headlines of late in its quest to get as many banks and financial institutions as possible to use XRP in their cross-border transactions. The institutions that want to use Ripple’s payment solutions like xCurrent and xRapid have to join Ripple’s RippleNet.