Ripple Announces xRapid Will Be Ready In A Month Or So And Base XRP

Robert Sole September 18, 2018

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In about a month, the xRapid tool that uses the XRP token developed by Ripple will be available.

One of the cryptocurrencies that purists like least is XRP, the token developed by Ripple. The company has announced the launch of a commercial application based on cryptocurrencies and that will be available "in the next month or so" as one of the executives of the company has told CNBC. This information would be what allows XRP to earn more than 16% in the market today despite the fact that during the day all cryptocurrencies have fallen in value.

Ripple announces that they will launch an XRP-based trading application shortly.

Sagar Sarbhai, Head of Regulatory Relations for Asia-Pacific and the Middle East at Ripple reported this past Monday that they were making important progress in xRapid, which aims to help banks accelerate cryptocurrencies through the use of XRP. "I am very sure that in the next month or so you will see good news when we launch the product live," Sarbhai said about xRapid during an interview with Arjun Kharpal from CNBC.

The company has commercial agreements with several high-profile financial entities such as Banco Santander and American Express, but they have highlighted that until now the development was mainly focused on a product called xCurrent.

To our knowledge, Ripple has not said at any time that it is testing or using xRapid in addition to highlighting in the past that banks will not be the first to test this product focused on the cryptocurrency market. The companies that would have been the product include fiat money remittance companies Western Union and MoneyGram, as well as payment providers MercuryFX, Viamericas and Cuallix.

Sarbhai has said that they have more than 120 banks and financial institutions that have partnered with Ripple for the use of their blockchain-based product xCurrent. Blockchain technology is an immutable decentralized accounting ledger where each accounting entry is recorded and does not require a central authority to control it.

The idea of xCurrent is to settle international transactions with commissions that tend to zero and that take place in a matter of seconds. Ripple ensures that banks use the platform to communicate with each other, confirming each stage of a cross-border payment in real time.