The price of XRP has traded relatively flat since Ripple made its official launch announcement for xRapid, which allows payment providers and banks to process cross-border transactions at a quicker rate.
xRapid is going into commercial production. @mercury_fx_ltd, @Cuallix and Catalyst Corporate Federal Credit Union will be the first to make on-demand cross-border payments on RippleNet using #XRP. https://t.co/dQ02J4vdBl
— Ripple (@Ripple) October 1, 2018
According to the announcement, Ripple is moving xRapid into production with three major customers, including MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union. Ripple states that both MercuryFX and Cuallix participated in the pilot phase of xRapid earlier this year, which resulted in improved transaction speed and cost savings.
“xRapid eliminates the need for a pre-funded nostro account when executing a cross-border payment. It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees,” said the Ripple team.
Given that XRP ran-up nearly 100% after Ripple’s Sagar Sarbhai hinted that the firm was witnessing significant progress with xRapid last month, it is fair to assume that a significant portion of the launch was already priced-in, which has resulted in the largely flat trading action of the past 24 hours.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.