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Last month, September proved to be incredible for Ripple (XRP), mainly because investors entered immediately after the company hinted at the launch of xRapid, its product that will use the XRP token.
With xRapid, there is an excellent probability that large financial companies can directly use XRP for global financial agreements directly. This single potential raised Ripple's XRP price by over 100% last month.
What xRapid will do is play a bridging role across multiple currencies around the world, allowing banks and payment providers to process cross-border remittances at lower and higher rates. Recall that the CEO of Ripple, Mr. Garlinghouse said that dozens of banks would use xRapid at the end of 2018, at the start of this year.
With Swell taking place when speakers like former US president Bill Clinton had to speak alongside some positive announcements expected by the blockchain company, it was anticipated that the XRP price would rise.
Here we are, Swell is finished (however not officially the second day is still in progress), but we have not yet witnessed any rally for Ripple (XRP). This meant that many began to wonder why? Well, first of all, this is a valid question. Secondly, some good news broke even yesterday on Swell, but the XRP price did not respond well.
Ripple Labs, the company that is on the back of Ripple, has revealed that three US-based financial companies have joined their xRapid service. The alliance will help companies make global transactions within just a couple of minutes. This is an impressive boost considering that the existing remittance system, SWIFT, requires at least two days to make it possible.
Two of the three companies that signed up for xRapid are payment providers and follow the names of Caullix and MercuryFX respectively. The third company is Catalyst Corporate Credit Union, a corporate finance company.
Although last month XRP had a good bull run, its price is still down about 80% from the peak in price seen after the big run last year. The cryptocurrency touched $ 3 last year while it entered in 2017 with a price of $ 0.006 per token.
Understandably, all eyes were on Ripple for his annual conference, Swell, mainly for his prominent speakers such as Gene Sperling and Bill Clinton, and for the anticipation of some big announcements. Both of these things happened without failing even an inch; The former president of the United States took the stage (and praised the potential of the blockchain) and xRapid was made available for full commercial use.
Bill Clinton goes on stage #RippleSwell's conference #SwellbyRipple @BillClinton pic.twitter.com/wZsT0JRZ3f
– SN (@sostrenews) 1 October 2018
Relax. No matter how volatile the cryptographic markets are, you can not expect to skyrocket your XRP profits just because Ripple has made efforts to drive xRapid lately. It takes time for the adoption to start collecting traction, everyone must understand it.
How central banks do to classify cross-border systems now. Could you tell us you like working with SWIFT ?, it's the state of the art. Or is it because it is backward compatible with an abacus?
Swell 2018: Show Banks and Tell of central banks #SwellbyRipple #Ripple #XRP pic.twitter.com/51NjE6LJBL
– (@BankXRP) October 2, 2018
Now, what all Ripple owners (XRPs) have to do is wait for the adoption of xRapid to spread (potentially spread like fire, potentially). As of now, only three companies have opted for the service; there are hundreds of banks worldwide that are still on SWIFT technology.
Imagine if only the first 15 or 20 banks join the xRapid army, where would the XRP price go after such consumption in real life?
A way above its current value, for sure. And this is more likely because more countries like Nigeria, Sri Lanka and the like are starting to realize that xRapid can save them 30-40% on remittance fees and have people send / receive payments within a couple of minutes instead of days. .
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Photo by Xavier Pinos on Unsplash
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