RationalFX Uses Ripple’s xCurrent for Payments to Over 200 Destinations

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by Teuta Franjkovic · 4 min read
RationalFX Uses Ripple’s xCurrent for Payments to Over 200 Destinations
Photo: RationalFX / Facebook

RationalFX, a foreign exchange United Kingdom-based firm, has recently tied up with Ripple to use its xCurrent, sending XRP price 13 percent higher.

XRP has woken up as the Ripple token surged 13 percent yesterday. The move has taken XRP from an intraday low of $0.330 to its highest level since early January, $0.373. At the time of writing, however, XRP was still surging but at a more moderate level – 4.67% to a little lower $0.362.

It seems that this surge came as the outcome of yesterdays’ announcement that RationalFX, a foreign exchange United Kingdom-based firm, has recently started a partnership with Ripple, the creator of the XRP token and of cross-currency transfer initiatives like xRapid.

However, as can be seen from their Tweet, they will not be using xRapid but xCurrent instead. Also, they said they do not intend to use xRapid in near future that also may explain why the big surge hasn’t continued.

A lot of Twitter followers seemed pretty much disappointed with this decision. Bear in mind, while Ripple’s main product xCurrent doesn’t require the use of XRP, xRapid, on the other hand, leverages this commutation system to allow institutions to settle inter-bank transactions using the XRP digital asset.

According to the announcement of the company, this will be able to make cross-border transactions with over 200 locations using the help of RippleNet.

This is an important partnership for RationalFX, but also for Ripple. RationalFX has traded over $10 billion USD in transactions last year alone. Because of this, the partnership will make the operations of one company easier, faster and cheaper while the other will be beneficiated by the huge adoption since RationalFX trades over 50 currencies for over 180,000 people.

On its official announcement, RationalFX has affirmed that Ripple offers a great service that helps to cut the costs of the operations and make them more secure.

It has also been reported that Gmail users will now be able to send XRP to each other via a new Chrome plugin called MoneyMessage. Google in its post stated that:

“MoneyMessage is a Browser extension which allows you to append money in the form of XRP (Cryptocurrency) and send it to any mail receiver. A receiver doesn’t need an account or knowledge about Cryptocurrencies. The amount will be deposited in XRPTipBot which allows your receiver to withdraw at any time.”

RationalFX has originally joined RippleNet in April last year along with FairFX, Exchange4Free, UniPAY and MoneyMatch according to the company blog. Most Ripple’s partners will start off with the xCurrent system before switching to xRapid which uses the native XRP token for cross border transactions.

XRP as One of the Top Performing Tokens in 2019?

Ripple has been performing wonders in the remittance industry for some time now. The blockchain firm has been on the verge of outperforming its competitors and hopes to become the giant of cross-border remittance with its innovative tools geared towards hijacking customers of some traditional remittance firms like SWIFT.

Despite the age-long services of the likes of SWIFT and Western Union, different firms are now using RippleNet to service their customers across the world.

Saudi’s Central Bank, the National Bank of Kuwait, Euro Exim Bank, Banco Santander and some other notable banks across the world are now using Ripple to settle payment across border. In fact, Ripple’s seamless services have saved these banks multi-millions of dollars lost to transaction charges in the past.

Despite Ripple being a contentious subject for crypto enthusiasts, many are confident that XRP will be one of the top performing tokens in 2019. A current Weiss survey on twitter reveals that 54% of 5,400 people polled believe that XRP will be a market leader.

Bitcoin fell back to $4,963 at the time of writing. Momentum may by cooling off however as daily volume has fallen back to $17 billion – which is still pretty high compared to the past six months. BTC is likely to consolidate here for a while.

Ethereum has remained flat over the past 24 hours and is still priced just below $165. Volume has dropped back to $7 billion and the week’s momentum appears to have run out of steam.

*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome Ripple guide.

Altcoin News, Cryptocurrency news, News, XRP News
Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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