Ripple’s XRP Product xRapid May Go Live in the Next Month. According to a company manager, using a combination of surge and cryptocurrency technologies, Ripple’s placement system can be online in the next month.
Using XRP to complete real time and cross-border settlements, the product has already hit some high profile partnerships, and many investors see this as the XRP’s main use case.
Speaking to CNBC, Ripple’s regulatory affairs director for Asia-Pacific and the Middle East, Sagar Sarbhai said the company has made significant progress in the official launch of the xRapid product, and that this will only be a matter of time.
During the interview, Sarbhai said that:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
xRapid is unique to Ripple’s other blockchain-based solution system, using xCurrent, XRP and XRP ledger to market cheap and instant cross-border transactions, especially for banks and other financial institutions.
The product enables a group like a bank to convert the currency currency to XRP, which is then sent to the receiving party and quickly converted to the currency of the receiving party. This system automatically completes these processes, making it possible to convert the currency of a coin anywhere in the world and pass it in an incredibly short time compared to the existing settlement systems.
Many XRP recipients claim that the xRapid system will not be widely adopted by banks and other financial institutions, and the company has created an attempt to create a use case for the XRP, which is closely related to the company. The company has signed an agreement on some major partners to work in beta with the xRapid system, including Santander Bank, American Express, MoneyGram, Western Union and SBI Japan.
These partnerships in their current state are trial runs with xRapid or with xCurrent, but Ripple is confident that many of the company’s xCurrent customers will eventually move to xRapid.
Sarbhai also said in the interview that more than 120 banks and financial institutions are currently partnered with Ripple in order to utilize their suite of blockchain products to increase the efficiency of their settlement systems through the use of xCurrent.
Some Rumors About New Ripple Product
xRapid and xVia products are the only solution called Convergence. Rumors about this new product first said that in early August, Jim Chauncey-Kelly, director of talent acquisition:
“Earlier in the year, a big part of what my team was focused on was hiring a lot of engineering. This was probably our biggest push because we are building a software called Convergence that syncs together all of our 3 major products into one seamless format.”
Rumors about this new product have changed, but all of her tweets about the launch of this new product have been immediately deleted and no further clarification has been made. From a deleted tweet, Kelly said:
“Hi All – for clarity — we have 3 products – xCurrent (in production) and 2 more on the way – xVia & xRapid. They will be on a ‘convergence’ release soon. There isn’t a software actually called ‘convergence.’”
It is unclear what affect the release of xRapid will have on XRP’s price or liquidity, but Brad Garlinghouse, Ripple’s CEO, is confident that the product will be widely adopted, saying that;
“dozens of banks will be using the product by the end of 2019.”