As the launch date for Ripple’s xRapid nears, XRP prices are bullish. From, September 21st, the value has been having a strong rally. The new platform is expected to go live in a month or so according to the head of regulatory relations for the Middle East and the Asia-Pacific, Sarbhai Sagar. He was speaking at a CNBC interview.
XRP Price Has Stabilized At $0.5
After taking a severe hit and plunging from highs of $3.75 in December/January 2018 to lows of $0.27 in Early September 2018, XRP since stabilized at $0.5. This was after days of intense rallying and huge gains that sometimes saw the value appreciating by 30% in days of trading.
This is a welcome news particularly due to the fact that the entire Crypto market has been rocked by market jitters from investors and analysts after a turbulent 2018. Investors have lost a huge proportion of their investments and this has slowed down the market momentum and velocity of Cryptocurrencies. However, the stabilization of XRP is rekindling new hope and placing Cryptocurrencies once more at the forefront of investment options.
The new Ripple platform is developed for overseas transactions. As a cross-border platform, it will be using XRP tokens as an on-platform unit of value. The platform, therefore, provides a huge potential for Ripple and XRP to expand and hence the renewed interest in the Digital Asset.
xRapid aims to enable payment providers, banks, and financial institutions to link with each other to serve clients. The network allows faster transactions speeds, low-cost execution for funds transfer orders. Analysts are projecting that it will save up to 70% of brokerage costs. This will make trade easy, faster and more lucrative. It also offers liquidity of fiat money and Digital Assets.
Ripple Is Different
Critics often point out that Ripple is centralized. This means that it is a fully-fledged company where the management is in tight control of on-platform activities. However, Ripple’s weakness is also its greatest strength. First, it ensures that the ecosystem’s administrators have total control. They can be able to block suspect activities for the sake of the network’s integrity. Secondly, Ripple aims to work together with banks, financial institutions, and other third-party experts, unlike other Blockchains that only allow peer-to-peer interactions. This aspect, hence, allows these financial institutions to use Ripple features to offer cutting edge and professional services to their clients. This comes with benefits such as low liquidity challenges, instant authorization of transactions, etc.
xRapid Is Under Trial Before The Launch
Several platforms have expressed interest in xRapid. Mercury FX and Bittrex have confirmed that they will adopt the platform. Other firms that are carrying out tests are Cambridge Global Payments, MoneyGram and IDT Corporation. Ripple CTO has also revealed that American Express may come on board after some considerations. However, Western Union after testing xRapid declined to adopt the platform due to some concerns of over cost.
Unconfirmed reports reveal that xRapid will go live at Swell Conference that will be convened in San Francisco CA. The proposed date is the 1st of October.