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The price of XRP, the cryptocurrency associated with Ripple – a company that uses blockchain to provide financial services – has increased by 74% in four days. This jump comes after a Ripple executive told CNBC that the company could launch its xRapid product focused on cryptocurrency "in a month or so."
"I am very confident that in the next month or so you will see some good news coming up when we launch the product live in production," said Sagar Sarbhai, Head of Regulatory Relations for Asia-Pacific and Middle East at Ripple . Sarbhai also added that the company is making steady progress with xRapid, which aims to help banks accelerate transactions using XRP.
The Ripple website describes xRapid as a product for payment providers and other financial institutions that wish to minimize liquidity costs and also improve their customer experience. "Payments in emerging markets often require pre-funded local-currency accounts worldwide, liquidity costs are high xRapid drastically reduces capital requirements for liquidity," says the website.
Sarbhai said around 120 banks and financial institutions had already collaborated with Ripple on the use of its blockchain-based regulation product, xCurrent. This product, unlike xRapid, does not use digital currency to help cross-border transactions but uses the Ripple block network.
Currently, Ripple has important institutions and companies that test xRapid, and these include MoneyGram, Western Union, Mercury FX and Cambridge Global Payments. Although none of these companies decided to use xRapid when formally launched, other companies, such as SBI Bank, Cuallix and Zip Remit, have already committed to using the product.
Jack Taylor [19659011] The XRP price increase is outperforming other more popular cryptocurrencies like bitcoin and ethereum, both of which saw prices rise respectively by 0.24% and 0.53% in the last week. The XRP was trading at $ 0.27 Tuesday, rose to $ 0.32 on Wednesday and this wave continued, the price dropped $ 0.47 to the ### Early Friday.This is the highest XRP as of mid-July, when the price was $ 0.51 before a sharp decline of 43% until Tuesday, as noted by CoinMarketCap. [19659004] in the cryptocurrency the price was unexpected, and some traders had been short of XRP until recently sa week. They are going to make a good profit now.
Ripple announced a partnership with PNC Financial Services Group Inc. for its blockchain platform. Ripple currently has over 100 customers worldwide and operates in 40 countries. The company is also scheduled to hold its Swell conference in San Francisco in October. The speakers of Banco Santander, Payments Canada and other financial institutions and some regulators are listed to speak at the conference. It was also reported by former President Bill Clinton.
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