Ripple rallies on optimism the cryptocurrency finds a home

Mae Love
September 24, 2018

With many blockchain platforms moving out of the developmental phase, it is likely that investors will begin valuing them more on corporate partnerships and functional applications than potential uses, as is the case now. According to information disseminated throughout 2018, the cross-border payment system has been a hit with financial institutions around the world.

Circle is a peer-to-peer payments network, which gives users the option to pay in fiat currencies, or a small selection of cryptocurrencies. It has worked with the status quo every since its beginnings.

Ripple CEO Brad Garlinghouse recently stated that he expects many leading banks to be utilizing xRapid by year end, specifically with a view towards harnessing the advantages it brings as a liquidity tool. Meanwhile, the broader crypto market is also enjoying a sea of green.

At the moment, RippleNet's network includes over 100 different global banks and payment providers.

Ripple's Sarbhai said that more than 120 banks are now partnered with Ripple, using the blockchain-based product xCurrent. For payments, we think that has additional requirement. Alastair Constance, founder of pilot participant Mercury FX expressed his satisfaction with the technology - stating that transaction speed and cost efficiency of xRapid were incredible.

Ripple is also gearing up for the launch of its popular product called xRapid, and the launch will take place as soon as the next month, according to Sagar Sarbhai, the Head of Government & Regulatory Relations, APAC & Middle East at Ripple.

The price increase of XRP is outperforming other more popular cryptocurrencies like bitcoin and ethereum, both of which have seen prices go up by 0.24 percent and 0.53 percent respectively in the last week. Ripple is also considering entering the Chinese market.

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It is not surprising that news of xRapid's impending release would cause Ripple to increase substantially in value.

Then, Ripple company announced on September 19th a deal with the PNC Financial Services Group, one of the largest banks in the US.

Ripple Labs has two other core products under development. This provides their customers with more flexibility when sending money to countries where payments are challenging.

Ripple (XRP) continues to trade positively on the recently launched RippleNet, a decentralized global network of financial institutions that is now active in over 40 countries.

For example, a commercial client in Pennsylvania receiving a payment from a United Kingdom buyer will be able to receive payments against their invoices instantly.

The unit of PNC that would make use of Ripple's xCurrent technology is Treasury Management. Ripple has so far avoided being labeled a security Several ongoing lawsuits allege that Ripple is a security. Ripple controls only seven percent of the nodes used for validation. "We are focused on providing our clients with capabilities that enable making secure digital payments in an instant, whether they are sent across the street or across the world".

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