XRP Coin Price Grows Amid New Ripple Product Interoperability Despite Slumping Crypto Market
It seems that customers using Ripple’s product may be able to easily switch to the xRapid product, which is one of the most promising products and from the company. Using XRP as the virtual currency to process cross-border transactions that would allow companies to reduce costs and time.
According to a new document released known as What’s New with xCurrent 4.0 shows new upgrades for the xCurrent product. Some of the enhanced features are a new UI, bulk FX purchasing, zero downtime and more interoperability with other products.
There are several banks and Ripple clients that are working with the xCurrent product to process payments. Some of the settlement giants using these products are American Express, MoneyGram, and Western Union. Some of the banks working with Ripple are Credit Agricole, Bank of America, Santander, SBI Group, and many others.
At the same time, if there is a clearer regulatory stance towards XRP, it could improve its position in the cryptocurrency market. At the moment, there are over 150 different members that use Ripple’s network of banks.
Another feature that could be included in the next xCurrent version is the multi-hop payment technology. This would allow improving the source of liquidity using XRP without having one-to-one relations with those that work with the xRapid product. This is very important for the XRP community because they will have more capital moving through the network.
Cory Johnson, Chief Market Strategist for Ripple, said:
“I expect our rollout would be… most will be xCurrent, a little bit will be xRapid, and even less will be xVia. Over time that might change, but initially, the oldest stuff gets the most traction, because customers have had a chance to look at it the longest and get used to the idea more quickly.”
This shows that xCurrent users will have the possibility to work with xRapid to source liquidity in an easy way. Financial institutions would be able to free up capital that is held in nostro and vostro accounts using XRP to have liquidity at all times.
The XRP cryptocurrency has experienced an interesting growth a few hours ago. According to CoinMarketCap, XRP price grew more than 4% moving from $0.503 dollars to $0.524 dollar. At the same time, other virtual currencies were losing part of their value, such as Stellar Lumens (XLM) that lost 2.8% of its price in the last 24 hours.
RossMacFirdeen, a member of the XRP community wrote on Twitter about a new API that supports real-time price tracking of XRP. Some of the exchanges that will be enabling this API are Binance, Bitbank, Bitfinex, OKEx, ZB and Bithumb, among others.
🔔🔔🔔 Hello #XrpCommunity !
As of now 8 exchanges are implemented on #XrpCommunityAPI :
— RossMacFirdeen – XRP (@RossMacFirdeen) November 11, 2018
These new implementations and releases are helping the whole network to improve and become even more useful. At the time of writing, XRP has a market capitalization of almost $21 billion dollars. XRP is also one of the top virtual currencies, being in the third positions by market cap after Bitcoin (BTC) and Ethereum (ETH).
The pilot results for the xRapid product also show the potential for this technology and service provided by Ripple. Banks saw an increase in transaction speeds with a reduction between 40% to 70% in fees paid.