News about Ripple’s new platform hit the market on 2nd of October. XRapid – Ripple’s official financial product is now available for financial firms and organizations. The product allows for quicker and cheaper international transaction through usage platforms native token – XRP.
It is really exciting to see how cryptocurrency Ripple proves its usefulness in something practical, as there are many speculations nowadays about their real use case.
To put it simply, Ripple has now proved how XRP can be used to move funds quicker and in the more efficient way, in turn encouraging potential investors to put more money in Ripple. The testing version of xRapid was launched in May and was run by such payment providers as MercuryFX and Cuallix.
Testers reported about transaction fees decrease of around 40-70% and much faster execution – instead of the average 2-3 days to around 2 minutes. The company announced earlier this year that adding their native token to as many exchanges as possible will be their priority as for this year.
In August 2018 Ripple announced partnerships with Bittrex, Mexican Bitso, and Philippine Coins.Ph. The parties will use newly-launched software – xRapid to perform transactions between US dollar, Mexican pesos, and Philippine pesos.
Banks all over the globe was not keen to participate in the early testing stage of xRapid. This is mainly due to the fact that XRP is still getting questioned its legal status. Unlike Ethereum it is not a member of the U.S. Securities and Exchange Commission and is not qualified as a security by the U.S securities law. There are no major banks who officially announced their partnership with Ripple. Often banks require the technology which is useful and efficient as for right now. That is why they were not presented as testers during the testing of the product back in May. However, it is expected to change soon as the platform is now online and available for financial institutions.
It is likely now, that as more and more institutions adopt Ripple’s new platform that XRP will have much better price forecast for next year. XRP’s current price as for the day of writing (4th of October 2018) is 0.54 USD and it is expected to rise to around 0.70 USD per coin until the end of the year. As for 2019, it is important to keep an eye on recent news surrounding Ripple for anyone who is willing to invest.