Ripple (XRP) received a serious boost this morning after news broke that Ripple Labs’ xRapid project could debut in the next month, or so.
Ripple (XRP) and xRapid
Sagar Sarbhai, head of regulatory affairs at Ripple, spoke to CNBC yesterday and confirmed positive movement on its xRapid platform.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,” Sarbhai told CNBC.
Ripple is currently working with a few financial institutions to test its xRapid project, and it seems those pilots are going well. Western Union and MoneyGram are among some companies currently testing xRapid.
Ripple’s xRapid uses its XRP cryptocurrency as a bridge between currencies, allowing these payment providers a way to process faster cross-border transactions. Ripple’s website explains xRapid as this:
“xRapid is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience. Because payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity.”
Ripple also offers its xCurrent platform, which does not use XRP, and many major banks and financial institutions have begun testing this platform. American Express and Santander are among the 120 banks and financial institutions currently testing xCurrent.
“A couple of years ago the narrative was: blockchain good, crypto bad,” Sarbhai told CNBC. “What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction,” he said.
>> Is the Narrative of the Crypto Industry Changing? Ripple Exec. Says Yes
XRP Gets a Boost
XRP, the third-largest cryptocurrency by its total market cap, received a serious boost from the xRapid news. According to CoinMarketCap, XRP is currently trading at $0.328 a coin, up 19.15% in 24 hours.
Most of the cryptocurrency market is trading towards the green, as it seems XRP’s boost may be pulling the rest of the market up. XRP is currently leading the top 100 cryptocurrencies for most percentage gains today.
Featured Image: Depositphotos/© leszekglasner