Ripple (XRP) is Correcting from Highs: What You Need to Know

Ripple

One of the cryptocurrencies that has quietly become one of the strongest tokens is XRP. Much of the credit for it perhaps goes to the company Ripple, which manages the cryptocurrency and has managed to sign significant deals that have XRP at its center. It has signed plenty of deals over the years, and that makes it possible to look upon XRP as a cryptocurrency which has a use case.

Some leading financial institutions are conducting pilot tests on the product while money transfer company Moneygram has already announced a deal earlier this year. The Moneygram deal is a significant one, and so, perhaps it is time to take a closer look at the world’s third-biggest cryptocurrency by market cap.

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Over the years, the company Ripple has become an important voice in the world of high finance, and that has come about because of some of the excellent products that it has brought to the market. XRP is supposed to be used as a bridge currency for cross border payments, but Ripple has gone one up and produced two tools.

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One is known as xCurrent, while the other is known as xRapid and the former is already being used by Spanish banking giant Santander. However, it is important to note that from the point of view of XRP, xRapid is more important since it runs on the cryptocurrency.

Ripple has slowly but surely exerted its influence in the important power structures in the financial world and the eventual mainstreaming of xRapid could lead to large scale institutional use of XRP. With the use of XRP, large central banks would no longer have to be held hostage by volatile foreign currencies, and there lies the big opportunity for the cryptocurrency. If the company can actually sign up more institutional clients during the rest of the year, then it could be a huge boost for XRP.

Featured image: DepositPhotos © rastudio

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