xRapid is one of Ripple’s technology that uses the XRP token to settle cross-border payments. Recently, the World Bank said that Ripple’s xRapid technology along with Circle Pay has forced the traditional remittance service providers to up their game. This news have made an huge affect in XRP community. n today’s XRP news, we are going to talk about how the latest comment from World Bank affects the XRP price prediction 2019.
According to the World Bank, Business to Business international remittance can be made more efficient with decentralized ledger technology (DLT). This is because the current methods are slow and outdated hence the need for a change. The post made reference to the efficiency of Ripple’s xRapid as the best cross-border settlement system for cross-border payments between the United States and Mexico.
The World Bank said that traditional financial services must innovate if they are to remain relevant and serve the market needs. This is why SWIFT has decided to start exploring DLT. The company is reportedly trying to use blockchain technology to handle its Nostro account reconciliation challenges and other challenges within its system.
Apart from the fact that using Ripple’s xRapid will cut costs by 40 to 70%, it is also faster than the traditional methods with payments being completed in less than three seconds. This is a significant improvement considering the fact that the traditional remittance service provider, SWIFT takes hours to days to process cross-border transactions. Regarding Circle, the World Bank said that Circle utilizes peer-to-peer systems to enable near-instant transfers in 29 countries.
In addition to this, in a recent blog post titled ‘Paying across borders – Can distribute ledgers bring us closer together?’, the world bank detailed and experiment involving xRapid for use in cross-border payments. The blog also discussed the use of Distributed Ledger Technology (DLT) for remittance.
“In 2018, Ripple, a FinTech company, piloted xRapid, a DLT-based cross-border payments solution, along with the very competitive U.S.-Mexico corridor. Financial institutions involved in the pilot saved 40%-70% in foreign exchange costs, and the average payment times was just over two minutes. The transfer of funds on xRapid took two to three seconds, with most of the processing time explained by domestic payment rails and intermediary digital asset exchanges.”
World Bank adopting xRapid for funds transfer is a great addition to Ripple’s expanding network as numerous central banks will be adopting the same. With such expansion, Ripple is definitely on its way to becoming the lead cryptocurrency for remittance on a global scale. The argument that XRP should be the number two cryptocurrency by market cap may soon become valid and a price shoot is the next logical response.
XRP Price Prediction 2019: xRapid Development Affects The price Of XRP
XRP (XRP) Price Today – XRP / USD
In the digital asset space, positive comments from reputable bodies influence the market trend significantly. The fact that the World Bank, the ultimate financial regulator, has acknowledged that xRapid is perfect for the financial services space is a big deal. Apart from the fact that it would promote the adoption of Ripple as a payment protocol company, xRapid technology uses XRP as fuel. So, a rise in the adoption of xRapid will lead to a rise in the adoption and price of XRP.
So, for those who have been listening to negative XRP price predictions 2019, it’s time to look at the bigger picture. XRP is here to stay just like xRapid. If Ripple is able to accomplish its goal and take a significant share of SWIFT’s market, XRP will become the most valuable cryptocurrency in the world.
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