Ripple's xRapid Could Debut "In The Next Month or So"

Ripple's xRapid Could Debut

xRapid is yet another step in Ripples objective to serve as a bridge for cross-border transactions in a faster, safer way.

As per the company's source, nearly 120 banks are expected to have partnered with Ripple while using its blockchain based product xCurrent, a distributed ledger technology which is designed such that decentralized database for recording transactions, like a ledger book and will be shared across multiple locations and with no central authority overlooking it.

Although Ripple has shared some awesome news on the matter of pushing the adoption of XRP in the following months through offering xRapid to banks and financial institutions, we can still see XRP dropping against the fiat with the latest negative trend. Ripple has seen several tests of xRapid with participation from a number of large financial institutions - including American Express, Western Union, MoneyGram and Santander Bank - but has yet to be rolled out by any as an officially supported product.

While speaking to CNBC, the executive said he was confident that in the next month or so, supporters should expect good news as the company prepares to launch live production of xRapid.

Ripple's xCurrent is used by banks to settle worldwide transactions.

Blockchain-powered global payment network Ripple has announced their partnership with Saudi Arabia's National Commercial Bank (NCB), a banking firm worth $120 billion. The company says the platform, based on distributed ledger technology, is used by banks to message one another, confirming each stage of a cross-border payment in real-time.

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Blockchain startup Ripple is expected to introduce a commercial application based on the cryptocurrency in the days to come as per the valid source of CNBC. For this reason, the company has gearing up building an ecosystem around the use of xRapid and XRP.

For example, a bank might wish to process a transaction from US dollars to Indian rupees. For such a transaction to take place, both sides would need pre-funded local currency accounts.

At the same time, investors and holders might additionally retrieve trust in XRP and Ripple, forgetting all about centralization drama since Ripple is now seen openly pushing XRP towards mass adoption, which might be the ultimate goal of most cryptocurrencies in the market. However, with the use of xRapid, the entire process would be simplified and sped up, converting the US dollars into XRP tokens, moving said tokens overseas, and finally converting them into Indian rupees.

This theory puts forth the idea that XRP Whales are aware that xRapid is the Golden Goose that will take XRP to the stratosphere in terms of value. The feeling at Ripple is that dozens of these banks will have switched to xRapid by the end of 2019. Investors can then use their newly-acquired Ethereum or Bitcoin to buy XRP using one of the aforementioned exchanges. He explained, "A couple of years ago the narrative was: blockchain good, crypto bad". What we're now seeing is more and more regulators, policymakers taking the whole space in one conjunction.

Which, in a nutshell, means that soon, cryptos like Bitcoin and Ethereum will also enjoy the respect and credibility that Ripple XRP enjoys.

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