The Ripple is on the move. Not a day passes when we do not hear significant news about the Ripple or its native cryptocurrency XRP. At present, there are a total of 12 organizations that have shown interest in using the xRapid payment solution developed by Ripple. In addition, some companies have already started to implement xRapid.
xRapid: Growing Clout
Among the significant names that show interest in xRapis are the Bittrex and Bitstamp cryptocurrency exchanges. These exchanges decided to use xRapid to improve their processing of payments between the United States in the Philippines and Mexico. The adoption of xRapid by these cryptographic exchanges is not a one-off instance as this development is sure to pave the way for the adoption of xRapid by other exchanges in the future.
Even before cryptographic exchanges agreed to use xRapid, many organizations that provided cross-border payment services, including Federal Credit Union, Mercury FX and Caullix, had already adopted Ripple technology. These organizations found xRapid quite effective in reducing the transfer time of payments in their cross-border transactions. In addition to the organizations mentioned above, four other companies, namely virtual currencies SBI, IDT, Viamericas and SendFriend had announced that they would integrate xRapid into their platforms as and when they believe the time is ripe to do so.
Benefits of xRapid
To let you know, xRapid was officially launched at Ripple & # 39; s Swell Conference on October 1, 2018. It aims to improve the rate of fund transfers around the world using Ripple's XRP cryptocurrency and compared to other traditional methods as Western Union and Bank wire xRapid is very convenient and offers transfer solutions at a very convenient price. It is important to note that even during the Bear phase of the market, Ripple's XRP maintained its position remaining essentially stable in tumultuous conditions. XRP also replaced Ethereum from the second place in terms of market capitalization in the highly volatile period of last year; however, on January 2, 2019, Ethereum accelerated XRP to claim its second place in the list of the top 10 cryptocurrencies by market capitalization.