Ripple is a software enterprise company based in the United States which utilizes Distributed Ledger Technology (DLT) to enable cross-border interbank payments. Ripple has become the World's second largest cryptocurrency. Ripple is a real-time settlement or payment platform of which primary goal is to settle cross-border payments and order faster with less expenditure. However, many cryptocurrency enthusiasts who follow the fortunes of the currency took to Reddit to clarify their belief that Western Union is structured in such a way as not to be in a position to benefit from xRapid.
Ripple's service is created to offer enhanced payment services in more needy areas, according to a September 19 blog post from the Ripple team which detailed the cross-border payments solution. It has worked with the status quo every since its beginnings. An executive at Ripple told CNBC this week that the start-up was making headway with its xRapid product, aimed at helping banks speed up transactions by using the cryptocurrency XRP. Prior to the Zaif hack, the Japanese Financial Services Agency (FSA) will strengthen the crypto department where already 160 firms are waiting for an FSA license to operate as regulated digital assets exchanges.
Ripple's Sarbhai said that more than 120 banks are now partnered with Ripple, using the blockchain-based product xCurrent.
However, as tantalizing as this is, Ripple hasn't disclosed which banks or financial institutions have been testing xRapid. For payments, we think that has additional requirement. The system bypassed traditional foreign exchange providers. McKinsey research claims that typical global payments take between 3 to 5 working days to complete.
The price increase of XRP is outperforming other more popular cryptocurrencies like bitcoin and ethereum, both of which have seen prices go up by 0.24 percent and 0.53 percent respectively in the last week.
Ripple foundation had some major setback in the terms of negative news regarding the nature of XRP where a great part of the crypto community was convinced that XRP is actually security with centralized governance. XRP posted similarly impressive gains over BTC also rallying 90% from 0.000062 BTC to test 0.000117, before retracing to the current price are of 0.0000875 BTC. Also, xRapid is a good example of how mainstream use of blockchain is likely to begin behind the scenes, with consumer use of cryptocurrencies emerging much later.
Founder of the world's largest crypto exchange Binance, Changing Zhao, reveals his plans to launch 5 to 10 fiat-to-crypto trading services, ideally two per continent. For instance, Ripple added one of the top 10 US banks, PNC, to RippleNet.
At the time of writing, Ripple's XRP was up 2.76% to $0.58997, with Ripple's XRP recovering from an early dip to a morning low $0.55921 to strike a morning high $0.5967, before easing back, the day's moves leaving the major support and resistance levels untested.