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xRapid could be used by major banks by the end of the year, said Ripple CEO Brad Garlinghouse. At the beginning of this year, Mr. Garlinghouse spoke about Ripple's future and how various companies are starting to embrace the services and products that the company is developing.
Crypto and XRP enthusiasts have been waiting for a bearish race on the market since the entire 2018 was very negative for the entire space in terms of price actions. Most virtual currencies have lost over 50% and the market can not yet recover from it.
Because the xRapid product developed by Ripple uses the XRP virtual currency, the community expects the price of XRP to grow over time and reach new highs in the future. And this generates positive expectations about the future of Ripple and XRP.
It is clear that XRP will not reach new historical highs during this year. The same is happening to other coins. Most of them will not reach new highs in the coming weeks.
At the beginning of this year, Garlinghouse commented:
"By the end of this year, I trust the major banks will use xRapid as a liquidity instrument, this solar year, and by the end of next year, I really hope we can see them in the order of magnitude of dozens."
Several banks using xRapid would be a good thing for the encrypted market, Ripple and XRP. The XRP would function as a liquidity tool and there will be more investors and enthusiasts using XRP. Although Garlinghouse seemed to be very positive about xRapid and its growth and expansion in the market, there are no banks that have publicly adopted this product. However, there are some signs that might suggest that some customers are ready to start using this solution.
These institutions that have been confirmed by Ripple are Viamericas, Cuallix, IDT and MercuryFX. According to Garlinghouse, one of them will use xRapid by the end of this year. As some analysts point out, these institutions have already spoken very positively about xRapid.
Nicolas Palacios, CFO of Cuallix, said that with Ripple, the company can find cash by using XRP and settle cross-border payments in seconds. In addition, Paul Dwyer, CEO and founder of Viamericas, said that activities such as XRP will play an important role in the future of cross-border payments.
And the list of positive comments on XRP continues from people from other banks. According to Ripple, the product reduces commission from 40% to 70% while making transactions that stabilize in less than ten minutes.
There are also four different exchanges of virtual currencies that work with XRP with the intention of providing liquidity pools for xRapid. These exchanges are Bittrex, which works with USD, Bitso for Mexican Pesos, Coins.ph for Philippine Pesos and SBI Virtual currencies for JPY.
With this information, it is possible to see that xRapid settlements can take place between these corridors.
It may be possible for Viamericas to start using xRapid in the near future because it has the necessary infrastructure to send and receive payments between some of the aforementioned corridors.
Another company that could implement xRapid is the telecommunications operator called IDT. They use xRapid for their "BOSS revolution" trying to help populations without access to bank accounts.
On the question, they commented:
"IDT Telecom's flagship retail service is BOSS Revolution: BOSS Revolution helps immigrants and the under-counter to communicate cost-effectively and share resources worldwide." BOSS Revolution is a collection of communication and payment services. "
The company has also offered services to transfer funds to Mexico and the Philippines. Because of the price that each transaction costs, you can see that they are not using the xRapid product.
Although no major bank or financial institution has started using xRapid, we can see that there are some companies ready to embrace this service provided by Ripple.
At the time of writing this article, XRP is the second largest virtual currency on the market with a price of $ 0.371 for XRP. It also has a market capitalization of $ 15 billion. If several companies start using XRP, the effects on the price of XRP could be very positive and also have a positive effect on other virtual currencies.
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