Published: Fri, September 21, 2018
Business | By Tara Barton

XRP (CRYPTO:XRP) 1-Day Volume Hits $202.62 Million

XRP (CRYPTO:XRP) 1-Day Volume Hits $202.62 Million

It is usually not now possible to buy alternative cryptocurrencies such as XRP directly using USA dollars. Sources have yet to confirm whether XRP, the cryptocurrency launched by Ripple, can be used on MoneyTap.

Alongside with SBI group, Ripple Labs have already beta tested the product for financial and banking institutions, additionally signing an agreement with NCB, which is also testing xRapid since the partnership was sealed during the last week. Among other perks, this will lead to the bank's customers experiencing much faster and more transparent worldwide payment services.

Additionally, Ripple commented that its xRapid product uses the XRP cryptocurrency as a kind of "bridge" between currencies, allowing payment providers and banks to process faster cross-border transactions. As of now, 120 plus financial institutions and banks are developing the company's xCurrent that considerably reduces settlement time. The company has been working on this platform to improve the speed of the cross-border payment transactions while reducing the capital requirement for the liquidity.

This means that the more xRapid is utilized, the more XRP is sourced from the supply, creating a wave effect of demand that will slow but steadily increase the value of the digital currency.

"Regulators historically treated decentralized cryptocurrencies with circumspection or hostility, while remaining more receptive to blockchain's benefits because it was seen as more beneficial to industries across the board". For example, a bank may execute a transaction from the US dollars to Indian rupees.

Blockchain Ripple might introduce a commercial application of its crypto-currency product "next month or so", a CNBC executive announced. This process needs pre-funded local currency accounts in order to take place.

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With xRapid, Ripple claims that the method would be quickened by the conversion of USA dollars into XRP tokens, then to shift the money overseas and at the other end exchange it 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.

Rather than banks trialling the product, firms such as money transfer giants MoneyGram and Western Union have done so instead. However, XRP investors found some solace in the rising price of the asset on the day, with positive development being driven by Ripple, the parent team behind the cryptocurrency that has since distanced themselves in an effort to promote decentralization.

"A couple of years ago the narrative was: blockchain good, crypto bad", he told CNBC.

The CEO of Ripple, Brad Garlinghouse predicted the adoption of xRapid by dozens of financial institutions by 2019 end. What we're now seeing is more and more regulators, policymakers taking the whole space in one conjunction.

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