Ripple is currently one of the hottest startups in Silicon Valley. The San Francisco based technology company is focused on creating a world where cross-border payments will be frictionless at affordable rates. Last year, the company was able to successfully pitch its technology to traditional financial institutions that saw the benefits of integrating the technology. Now, the CEO, Brad Garlinghouse, believes that more financial institutions are ready to integrate its technology.
Banks And Financial Institutions Are Ready For XRP
During an interview with Fortune, Garlinghouse said that the 200 financial institutions that have become members of the Ripple network are making plans to use xRapid. Keep in mind that xRapid is a technology by Ripple Labs that requires the use of the XRP token. This is unlike xCurrent and xVia that don’t need XRP except for fee payment. In his words:
“In 2019, we will separate the wheat from the chaff. A few months ago, media outlets were reporting that no one will be interested in using XRP. In fact, this put the XRP on headlines for a while. Today, the story is different. More people are beginning to use xRapid because it is cheaper and faster than traditional payment methods.”
New Companies Join Ripple
Recently, Euro Exim Bank reported that it is the first financial institution to commercially integrate Ripple’s xRapid payment solution for its customers. The bank has branches in St. Lucia and London and it will officially start using XRP to power payments in Q1 of 2019. It will be available in 80 countries globally.
The Euro Exim bank is one out of the five new organizations that will start using XRP to power payments on a global scale this year. Others are a London-based firm for foreign exchange JNFX, a New York-based fintech firm focused on global remittance, SendFriend a Vienna-based fintech firm focused on enabling global payments, Transpaygo and a Stockholm-based firm focused on building an efficient financial infrastructure, FTCS.
XRP (XRP) Price Today – XRP / USD
While Ripple owns about 60% of the total XRP in circulation, the company isn’t defined by the technology and vice-versa. If Ripple folds tomorrow, it’s executives claim that the XRP token will still be in existence. Also, buying XRP tokens doesn’t give you a stake in the company. The company doesn’t influence the price of the token and the price of the token doesn’t determine the progress of the company.
Notwithstanding, the xRapid project by Ripple Labs is going to pave way for mainstream adoption of the XRP token. This is because XRP is the fuel that runs the xRapid solution. An increase in the demand for XRP will lead to a rise in its price.
XRP (XRP) Price Analysis
At the time of writing, XRP was trading at $0.324361. This means it is down by 2.53% against the USD and down by 0.30% against BTC. The trading volume over a 24 hour period is $567,912,532 and the market capitalization is $13,311,924,129. Right now, XRP isn’t the only cryptocurrency that is trading in red. Almost the entire market is suffering at the moment. The prices have been red since last week Friday. Hopefully, we shall see some green before this week ends.