Ripple Looks Unstoppable. From banks to payments services companies and central banks, everyone has been embracing Ripple’s (XRP) distributed ledger technology. Its xCurrent has received huge appreciation from banks; almost 100 banking clients are testing xCurrent product.
The xCurrent product enables real-time settlement between banks plus real-time messaging.
Ripple xCurrent has the potential to permit banks to settle transactions at a faster pace, with low cost and less friction.
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xCurrent can reduce the transaction time to 3 sec, outpacing Ethereum (ETH) and Bitcoin (BTC) transaction time of 2 minute and +1 hour, respectively.
Garlinghouse said, “xRapid allows you to have real-time liquidity”.
Payment services companies are showing strong confidence on xRapid. Western Union along with four other largest payment services companies (Mercury FX, MoneyGram, Cuallix, and IDT) has recently announced to use xRapid.
Western Union’s Chief Executive Officer said, “We are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part of the blockchain capabilities.”
Saudi Central Bank Impressed by xCurrent
“This ground-breaking pilot program is the first of its kind to be launched by a central bank. Participating banks from the [Kingdom of Saudi Arabia] will use xCurrent to instantly settle payments sent into and out of the country, with greater transparency and lower costs,” Ripple said.
Ripple’s Interledger protocol has been specially designed to address the challenges banks and payments services companies have been experiencing in cross-border payments –particularly time, friction and costs.
Fundamentals Improve for Ripple Price
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Ripple price rallied more than 7% in today’s trading; the digital currency price doubled from previous lows of $0.59. The deals with Western Union and Saudi central bank added to trader’s optimism. Soothing regulatory actions from South Korea also supported Ripple’s price. The acceptance of xCurrent from Central banks and xRapid from payment companies indicates a strong outlook for Ripple on cryptocurrency exchanges.
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