What is xRapid?
In a recent Fintech conference, Ripple announced the launch of xRapid after its pilot with 12 banks from all over the world. Since Ripple (XRP) couldn’t be used for cross-border transactions due to volatility and lack of regulations, xRapid was developed as a substitute. Ripple partnered with payment provider companies willing to test the product.
What xRapid essentially does is, convert the fiat currency to XRP at the time of the transaction and convert XRP back to fiat at that particular time by connecting to a digital asset exchange in real time. After a first pilot test, the creators weren’t disappointed as it provides groundbreaking solutions. This pilot tested the remittance between USA and Mexico.
xRapid in comparison with the usual foreign exchange services saves 40-70% on transactions. And the transaction speed cuts down to 2-3 minutes, which otherwise takes 2-3 days via regular transactions. A 99.93-99.95% reduction in transaction time via xRapid. The reason behind such massive game changer improvements is due to the liquidity of XRP, which facilitates lightning fast transactions.
What’s Next For XRP?
Ripple has had a bearish run ever since the start of 2018, so maybe after the launch of xRapid, XRP might notice some bullish trends. In recent XRP news, there was a prediction for the price to shoot as high as $589 from the current $0.324. This prediction theory by ‘BearableGuy123’ has all the previously unified XRP followers split in half.
As far as the theory goes, it predicts the price to shoot up to heavenly highs due to one of the two reasons. The first reason is the launch of Ripple’s product xRapid for cross-border transactions. And the second being, the supposed update 5.89, (58.9, which is also the atomic mass of Cobalt) will increase the transaction speeds for Ripple.
You can watch out the video to get more info:
What are your thoughts on xRapid and XRP? Any travelers excited for the cross country transactions? Are you HODLing XRP? Comment below and follow our socials for more interactions!