Are We Experiencing a Ripple Rally? Price Indicates Yes

Are We Experiencing a Ripple Rally? Price Indicates Yes

Previously, Ripple had already added one of the largest banks in the Middle East.

But there's one thing that people have generally misunderstood when it comes to XRP, and that's the fact that there aren't any banks actually USING XRP just yet.

Ripple has impressed everyone by announcing its new product launch, which will use their coin XRP to facilitate cross-border transactions across global financial institutions. First, let's clear up a few terms.

This is especially significant when it comes to cross-border transactions, as the technology used so far wasn't able to speed up the payment process by itself. Since then, while many currencies dropped by 90%, Ripple lost around 70% of its total value since reaching its all-time high.

XRP: refers to the cryptocurrency that was originally developed by Ripple. Up until now, it has utilized xCurrent, which amounts to a messaging service that still depends on the banks for the actual movement of funds.

The price of XRP, the cryptocurrency associated with Ripple - a company that uses blockchain for providing financial services - has spiked by nearly 74 percent in four days.

Ripple have partnered with Bittrex (preferred digital asset exchange for xRapid transactions that move though the U.S.), Mexican exchange Bitso and coins.ph of The Philippines.

Out of all these respectiver partnerships, a lot of them take advantage of a Ripple based service called xCurrent. The team behind Ripple has also announced that RippleNet has been going through rapid expansion throughout 40 countries, making worldwide payments faster and more transparent. The bank will also only accept inbound transactions to start. That's where phase two comes in: xRapid. XRP is one the platform to transfer money around the world through RippleNet. Considering how the $0.35 level seems to act as major resistance according to EasyMarkets, it will be interesting to see if XRP can successfully break that level or not. These collaborations are essential in providing the ecosystem in order to facilitate xRapid.

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If person A in the United Kingdom wanted to send some money to Person B in India, let's say £1,000.

A financial institution that has an account with Bittrex initiates a payment in USA dollars via xRapid which is instantly converted into XRP on Bittrex. The fees are nearly zero and the whole process takes four seconds. How exactly does it work?

Ripple'sxCurrent facilitates savings in the region of 30% by comparison with traditional cross border payment/settlement methods. Ripple provides these banks with fast blochchain tech xCurrent, but the new version of xCurrent will be launched soon which is called xRapid. These 12 banks are located all over the world and there is no pre-financing relationship between them.

So With Such A Good System, Are Banks Actually Using It?

The vast majority of companies that Ripple has a partnership with are now on xCurrent, but Ripple is making an explicit effort to nudge its partners towards putting xRapid to use.

The. CEO of Ripple, Brad Garlinghouse has mentioned that "dozens of banks" will be using xRapid by the end of 2019.

However, XRP is swiftly being pulled out of "security or currency" drama with the latest improvements, in the market as well as in the adoption plan for XRP.

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