Currently, Ripple is being tested in over hundred banks and also their systems and applications are being implemented in their liquidity operations. They are being signed by so many banks that the owner himself, Brand Garlinghouse decided to stop announcing partnerships until the number reaches 200. It’s a weird thing that when the company is succeeding so much that it is not able to cope up with the public announcements of its success.
But some people had problems and they also have alleged the Ripple bank partnerships for the public announcements about the trial staging of xRapid – a Ripple product that uses the XRP altcoins as artifacts to bridge international payments. The news for successful xRapid trials is quite easily found in the financial sector.
Though the most important of all is The Mexican Finance service, Cuallix is the first one to implement xRapid for cross-border payments. Some big companies like Western Union and MoneyGram are in trial stages along with the small companies which we haven’t heard their name yet are also on the list of implementation.
Those who have no idea about the nuances of the Ripple products, news regarding the xRapid is quite essential as it integrates altcoins into the liquidity systems. The usage of XRP is the backbone for its real-world value as each uses it a small out of it consumed in every transaction. Though the price is really low and reasonable as the users use it in more and more transactions the no.of XPRs consumed in a whole day reaches millions which also attracts a lot of customers.
The reduction of XRP at some point of time in near future will become significant. With the consumption of the XRPs will also determine the real value of the Altcoin in the exact same way like Bitcoin whose limited quantity has made it really valuable artifact. This infringement will take XRP coin over 20 years when it will be so much significant that it will be required to increase its value.
According to the current xRapid news they are greeting the investors of altcoins. They are following the simple ideology that as much the Altcoin is used to day-to-day and real-life activities as its value increase and the price could be risen again.
Other Ripple products such as xVia and xCurrent don’t implement XRP, though they support and make up the road to use Ripple in xRapid. So it is clear with the fact that whenever a bank partnership with Ripple it will definitely use xRapid whenever an international transaction fund occurs.
For example, let’s talk about the automobile industry and how it will be benefitted after the implementation of Ripple on it and after usage of xRapid. Here are some points which are listed below about the benefits after implementing Ripple.
Forsooth, it’s physically impossible to fit a Nissan engine in a Toyota car, such a decision is bizarre. In the beginning, the price will be high and obviously, the performance won’t be up to the mark but with time the integrity of the vehicle will improve. Keeping in mind all the technical flaws and issues. In long run, we have a better automobile product with good potential.
Hence when Ripple is being implemented with Banks we can assume that it will use XRP in the xRapid system during international transactions and payment processes. We can be sure about it as technically the system of Ripple is built to use XRP’s.
Setting the record straight: Garlinghouse and Ripple
We can be almost sure that the Bank will implement XRP and integrate the system of xRapid to test the flow as because of the perceived public image question. The current SWIFT conversion system is quite volatile than the xRapid system and it had proved itself in the field of international transactions. The system that the Bank use currently, the general public isn’t acquainted with that system and will need a bit of awareness. And the system is quite different from what they hear from Mass media and various other sources.
Recently, Mass media is blaming and alleging mass media in every way and even blaming it for the death of people which is quite crazy. These acquisitions are quite ridiculous and nuisance. It would have been completely fair if they would have blamed big guns, warfare, pollution and petrochemicals for the death of the people. But when it comes to cryptocurrency the mass find it volatile and they established in the eyes of people so they believe them and don’t actually come to know about what actually cryptocurrencies are and know whatever mass media has shown them.
Since the last few days the CEO of Ripple, Brad Garlinghouse is going on trying to set a record straight for the XRP and for use cases cryptocurrencies. Brad Garlinghouse has been appearing in a lot of interviews with mass media recently about the XRP and the latest was the featured presenter at the Money 20/20 Asia Conference where his presentation ‘A new payment system for the digital age’ was the beginning but then it got further by a presentation by the World Bank’s, Dilip Ratha who spoke about why we need to limit or stop the amount of cross-border or international payments.
Garlinghouse was straightforward to his statements and stated, “If we haven’t lowered the cost of remittance payments by 300 basis points by 2030 as a business, we have failed.” said Garlinghouse. “If we’re successful, we’re not talking about 300 basis points. We’re talking about 30 basis points for the cost of remittance payments.” Translated, this reduction would equate to a cost of 60 cents per $200 remittance, in comparison to today’s cost of $14 using the SWIFT system. When it is possible for a family to live for a week with just $14, an initiative for savings like that is quite clear and erratic.
Garlinghouse also set a record and explained how the SWIFT system is more volatile than the XRP in several ways. Besides the days it takes to settle a SWIFT’s remittance, They published their rate of error as 6% straight. Also, the settling time for xRapid is only about three seconds and the volatility of XRP cannot be considered in any way. Since a fluctuation of just about three seconds won’t disrupt the whole value of the transaction.
But the rapid-fire round of the interview of Garlinghouse and the other Ripple executives was exactly what general public needed to know about the truth about cryptocurrency, which has might made the public clear that they all are not the same whatsoever and XRP can actually make the global processes more faster and efficient, helping people to have a better life all around the world.
Disclaimer: The above-written statements shall not be taken as a financial advice as I’m not a financial advisor. These are just my opinions and views about how I feel and I would recommend all whenever investing in any of the cryptocurrencies always take advice from a well renounced financial advisor. All the information above is taken from the press releases, informational industry web pages, and news stories.