Ripple’s xRapid Usage Experiences Sudden Increase in Usage: Senior VP
Ripple, a cryptocurrency founded on the need to offer real-time, instant and cross-border payments, is a no-ordinary asset. The coin’s consensus ledger is unique and a lot different from a majority of the digital currencies because it essentially requires no confirmation. Its original objective of being an alternative for banks and financial institutions to settle payments transparently and at a much lower cost is alive.
As for XRP, the project’s native cryptocurrency, the fact that it’s been doing quite well, according to Coinmarketcap, is a testament to how exciting Ripple is. XRP has been hovering around $0.30 lately, constantly exhibiting bullish signals that favor buyers. And this is partly linked to the recent happenings in the coin’s demand – an influx of XRP users.
Over the past few days, xRapid, a liquidity platform dedicated to banks that use Ripple, has been experiencing an unprecedented increase in traffic. According to the senior vice president of product management at Ripple, Asheesh Birla, the phenomenon is attributed to a massive user increase.
It is safe to say xRapid is Ripple’s most vibrant project right now. It has been active before, but not as alive with multiple banking institutions and other mainstream cash transfer entities as it is right now. It has been so buzzing lately that it is only recently that MoneyGram finally joined the clique of companies relying on it.
MoneyGram Inc, the world’s second-biggest financial transfer firm, chose xRapid for the cross-border transactions and payments. Besides the efficiency guaranteed, the decision is largely attributed to the platform’s surging number of customers.
ILP Connector Implementation Slated for Next Year
The platform’s newly acquired fame hasn’t been without questions, especially on Twitter. A user named Michael iPinky7 sought to know whether xRapid employed the ILP conductor functionality.
ILP connector is designed to address different network hosts and also guarantee swift completion of payments sent across various, independent ledgers. One of its core uses is to safely allow routing of disbursements across digital asset ledgers while eliminating any risk of intermediary failures between the two parties.
In response to the question, therefore, Asheesh Birla was categorical in her answer. First, xRapid, according to her, works as an ILP connector. She, however, said they are still working towards making it a fully-fledged one, a project they expect to complete in early 2020.