After a volatile week, crypto market is stabilizing and gaining momentum, as digital currencies enjoy bullish price developments. Ripple (XPR) is no exception. On September 20, the world’s third-largest cryptocurrency by market capitalization boasted double-digit percentage growth, which is the second time this week.
XRP, also known as Ripple Token, is an independent digital asset, native to the Ripple Consensus Ledger. Being built upon a distributed open source Internet protocol, consensus ledger and native currency XRP., Ripple, also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, acts as a real-time gross settlement system (RTGS), as well as currency exchange and remittance network. It aims at enabling “secure, instant and nearly free global financial transactions of any size with no chargebacks,” providing support for tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles and mobile minutes.
This week, Ripple price has surged as much as 88.72%. On Tuesday, the third largest cryptocurrency appreciated 23% against the US dollar, which was the best performance out of the world’s 50 largest cryptocurrencies by market capitalization. At the moment of writing, Ripple price makes up $0,47 per coin.
Such an optimistic price development for XRP is largely due to the upcoming launch of the new Ripple’s product, xRapid, which would facilitate cross-border payments through the use of XRP itself. While Ripple’s main product available today, called 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,” Lucas Nuzzi, director of technology at Digital Asset Research, said. “The use of XRP is mandatory with this product.”
Ripple’s xRapid coming next month: What do the pilot results say for the future and XRP HODLers? – https://t.co/VNdI995Qei
— Lori ⚡️ (@loripek68) September 18, 2018
According to Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, the service will be launched “in the next month or so.” Being able to transition these clients to xRapid would represent tremendous success and demand for Ripple, so it’s clear that traders are trying to get a piece of the action early on.
The current major Ripple’s product is xCurrent. Recently, it has been announced that PNC Treasury Management, which is a subsidiary of a US-based banking firm PNC Financial Services Group widely known as just PNC, became part of RippleNet. PNC has revealed its plans to use xCurrent to speed up cross-border payments made by U.S. commercial clients. With xCurrent, Ripple unites customers from every corner of the world.
— Lori ⚡️ (@loripek68) September 20, 2018
On October 1-2, Ripple Labs is holding its Swell conference in San Francisco. The meeting will include speakers from Banco Santander, Payments Canada and other financial institutions and regulators, as well as former President Bill Clinton.