Published: Sun, September 30, 2018
Money | By Arnold Ball

What Caused the Ripple (XRP) Price Surge? Announcement of xRapid's Release

What Caused the Ripple (XRP) Price Surge? Announcement of xRapid's Release

By gaining access to Ripple's ultra-fast cross-border payment system, PNC Bank will be able to avail its customers of cheap and high-speed global payments which cost exponentially less than alternative money transfer methods and use on average only three seconds to confirm a transaction. While these relationships would suggest at least some of the banks have tried xRapid, it's not clear.

It's a move that's bound to fire up conspiracy theorists, and it would be interesting to know how many long positions got closed in that on minute of price action.

Ripple's new plans involve a launch of a service that will be cryptocurrency-specific.

Ripple has managed to secure a network of approximately 120 financial partners, including Western Union, Santander and MoneyGram.

Often mistakenly called "Ripple", XRP has fared the worst of the top cryptocurrencies this year.

For payments, which again we think are the killer app, we think that's where it all starts. Additionally, xCurrent provides "payment certainty" with what it refers to as the "pre-disclosure of information" (prior to settling transactions). "It is the fastest, about three seconds to settle, and it has the highest throughput of the major blockchains".

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xRapid, that's a component of RippleNet.

xVia has reportedly been implemented to allow users to access payments networks globally, send payments "on-demand" and in real-time, and include "rich data attachments" (similar to invoices). xVia users are also able to accurately track their payment status because of "end-to-end visibility".

Recently, Ripple was the subject of a class action lawsuit filed in San Francisco by Ryan Coffey, an investor in XRP. They stand to make a tidy profit now. The use of an underlying cryptocurrency as part of a cross-border payments solution for conventional banks represents a new departure. The xRapid process goes through mainly four steps. He notes that Australia, the Philippines, and Thailand all consider XRP a commodity.

Enter the amount and confirm. At any time, anybody can review the ledger and see a record of all activity on the Ripple protocol. Its launch has been postponed two times by saying that the product needs an initial test. 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.

"Despite all the partnership news surrounding Ripple, there are no concrete commitments regarding the extent to which xRapid will be employed, and given all this, I am inclined to term this a "buy the rumor, sell the news" event". Although perhaps not meant to be an official statement, these remarks serve to confirm other rumors that xRapid is nearing the end of its testing phase, and will soon be put into real-world use.

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