There is something of a battle for second place in cryptocurrency markets going on right now. In a recent interview with CNBC, Sagar Sarbhai, Ripple’s Head of Regulatory Relations for Asia-Pacific & Middle East, said that the software application would go live within the next month. There are a good number of reasons why XRP is struggling with its value. Well, let’s just say it involves the launch of xRapid.
However, XRP is swiftly being pulled out of “security or currency” drama with the latest improvements, in the market as well as in the adoption plan for XRP.
Ripple XRP, now the third largest cryptocurrency after Bitcoin and Ethereum by market cap, is going to gather momentum and its price is likely to reach the key threshold of $1 by year-end.
Ripple’s Sarbhai said that more than 120 banks are now partnered with Ripple, using the blockchain-based product xCurrent. They further spoke about Swift being one of the main catalysts behind nations opting for gold and probably cryptocurrency because it is increasing the dominance of the USA dollar.
As explained by Ripple CEO Brag Garlinghouse, xCurrent solves the “messaging and settlement process” to allow real-time transactions between institutions. These collaborations are essential in providing the ecosystem in order to facilitate xRapid.
“For far too long, the technology underlying cross-border payments has been opaque, slow and costly. I think we’re really excited about xRapid, I personally am really excited about how our customers in the pilot phase of xRapid like the experience”, Birla said.
Although nearly all markets are in the green today, the dramatic price surge in Ripple buying seems to have prompted by announcements earlier in the week about the xRapid payment system, along with news that PNC bank will be using the Ripple network to facilitate worldwide transfers.
The company also said that their cheaper, reliable and faster payments services would serve as a lifeline for numerous poor people across the world. Moreover, Ripple have also been accused of holding on to a huge amount of XRP, in turn totally centralising the currency. This product, unlike xRapid, does not use digital currency to help cross-border transactions but does it using Ripple’s blockchain network. In other words, xCurrent applies decentralized concepts to existing technology to speed up the fiat-to-fiat payment process between two banks.
But the non-stopping surge maybe the bull run sign to the cryptocurrency market and it will raise the potential by the end of the year. He further said that cryptocurrencies can be attacked by the governments and also shut down if there is no use-case like that of the dollar.
The entire crypto market has gone red, and the losses of XRP and XLM are mirroring the general trend but are much deeper compared to other assets.