The XRP was one of the virtual currencies that was achieved in the huge price increases at the end of 2017 and at the start of this year. But it also dropped dramatically, down nearly 90% from its all-time high in January.
So far Ripple has entered into agreements with high-profile financial institutions such as Santander and American Express. But those partnerships have so far focused mainly on another product called xCurrent, which does not use XRP. Another product known as xRapid uses XRP as a sort of "bridge" between currencies, allowing payment service providers and banks to process faster cross-border transactions. Companies that have tried the product include Western Union money giants and MoneyGram.
Cryptocurrencies across the board have had a difficult year, falling from their historical highs and facing greater regulatory control. Just recently, UK lawmakers have said they want to crack down on the "Wild West" cryptocurrency market and make it more legitimate.
– Ryan Browne of CNBC contributed to this report.