Ripple’s Much Anticipated xRapid Product Goes Live
After last weeks hint of an impending launch, Ripple has now announced its much anticipated xRapid product to be live and commercially available.
Ripple’s xRapid tool is designed for financial institutions to make micropayments via digital assets much faster and more viable than previously possible.
Ripple made the announcement via its website at around 1 pm PDT (GMT-7) on October 1st. The announcement also detailed advancements that RippleNet, the network of institutions that use Ripple, has made this year.
Despite allegations from cryptocurrency traditionalists of centralization, permissioning and lack of transparency, Ripple has managed to gain favor amongst financial institutions. Its network continues to grow and now works with corporations in over 40 countries worldwide.
The XRP token that xRapid utilizes as liquidity to facilitate fast and affordable cross-border payments has recently seen a surge in value. After dropping from a January high of $2.82 to a low of $0.25 last month, the digital asset almost tripled in price last week following a hint at the impending xRapid release.
With today’s announcement, it has again enjoyed a minor rally, moving up quickly from $0.54 to just under $0.60 in last than an hour.
While Ripple report that xRapid has performed well in pilot tests, it’s rather alarming to see how quickly the product was rolled out and with little fanfare. It’s possible Ripple felt the need to rush the xRapid launch, especially considering the recent spike in interest that it’s direct competition, Stellar, has been receiving lately.