Earlier this week, Sagar Sarbhai, Ripple's head of regulatory relations for Asia-Pacific, told CNBC that he was hopeful xRapid would launch its commercial version within the next month, marking another positive development for Ripple in the past week. XRP has a market capitalization of $22.78 billion and approximately $972.42 million worth of XRP was traded on exchanges in the last day. This surge comes as a surprise to the crypto community, and with its xRapid expected to drop within next month, ripple might be giving us another surprise very soon. While these relationships would suggest at least some of the banks have tried xRapid, it's not clear. These collaborations are essential in providing the ecosystem in order to facilitate xRapid.
While the technology behind xCurrent is not in itself blockchain, it has the potential to plug into distributed ledgers, allowing easy implementation of blockchain technology into the banks' workflow later.
A combination of this growth and the announcement of the product release, plus the short-term trend reversal in the cryptocurrency industry as a whole, has led to this XRP value increase in such as a short period of time. And then the aforementioned PNC Bank recognising the protocol of Ripple and its endless possibilities.
The company has struck deals with various high-profile financial institutions, including Santander and American Express. Although Ripple may not live and die by the success of xRapid, it's clearly become a major part of its business over the last two years. At any rate, Ripple's avant-garde financial technology outpaces its competitors in terms of effective down payments costs, processing fees, and transparency, ensuring expeditious transactions across the globe.
Ripple's demo further explains that the second functional group, which it refers to as "network members", includes large banks and payments providers "that serve as the foundation of the network as they process payments and source liquidity". These partners have been using xCurrent. Ripple has already partnered with three global exchanges, BItrex in the US, Bitso in Mexico and Coins.Ph in the Philippines that will enable xRapid to move between XRP, US dollars, Mexican pesos and Philippine pesos. According to Brad Garlinghouse who works as Ripple's Chief Executive, there are "dozens" of banks that are going to use xRapid by the end of 2019. Meanwhile, the broader crypto market is also enjoying a sea of green.
One of the worst performing cryptocurrencies this year is making a comeback. This is the highest XRP has gone to since mid-July, when the price was $0.51 before a steep slump of 43 percent until Tuesday, as tracked by CoinMarketCap. He believes that the regulators now saw the benefits of the crypto market.