xRapid, a product of the Ripple franchise, is going to build liquidity in key markets using XRP.
Liquidity has striked against cryptocurrency in general, because they will not be able to scale to global purchasing scenarios, considering the fact for currencies like Bitcoin which are finite in number. But, XRP has been different from the start with its clear aim to be the preferred cross-border transaction coin.
The XRP supporter, ‘XRP_Anderson’, expressed his views.
xRapid is an innovative liquidity solution for banks that utilizes Ripple’s XRP as a bridge currency. This Ripple service can effectively eliminate delays in payments all over the world.
Moreover, it reduces transaction costs between XRP users, offering an instant and cheap cross-border payment solution.
Ripple has always had the belief of being a partner to mainstream payment institutions like banks. This is due to the banks adopting XRP is massive. Moreover, Ripple can make traditional banking faster and cheaper using blockchain transactions.
Also, Ripple is flexible and has systems like xCurrent and xVia payment facilitators which necessarily don’t use XRP to function,
xRapid is a similar however a differentiated system. This tool, provides an excellent solution for on-demand liquidity for banks performing foreign exchange using XRP.
Ripple CEO Brad Garlinghouse hopes that a lot of institutions will end up adopting xRapid by end of the year. Right now, smaller institutions and payment providers have like Cuallix, have taken up xRapid. Another one is, Mercury FX, which has shown how beneficial xRapid can be for the customer.
After the success of xRapid along with smaller companies, it is looking for the big fish that can make xRapid truly go berserk.
The CEO is further said :
‘’There are some big names like western union, mercury effects, and money gram. These companies are moving a lot of money, and what we found is that xRapid is saving them 40-70% compared to their existing tools for managing and spreading the liquidity around.’’
xRapid has the ability to become the liquidity solution for global remittance needs if there is widespread mainstream adoption.
At the time of writing, Ripple XRP was ranked 3rd with the 24-hr volume of $2,795,689,458 and is priced at $0.425169 with price growth of 3.61 %. The market cap is $17,906,692,814 and total circulating supply is42,116,677,673 XRP.