After rumors that Ripple’s xRapid commercial product was set for launch sent the price of XRP skyrocketing last week — with volume not seen since the bank-friendly cryptocurrency reached all-time highs — the San Francisco startup has officially launched that very product.
As reported by CNBC, xRapid — which facilitates cross-border payments — is set to launch with three financial institutions. Those financial institutions are Mercury FX, Cuallix, and Catalyst Corporate Federal Credit Union.
Buy the Rumor, Hodl the News?
XRP has, at the time of this writing, reacted mildly to the announcement. After running up over 100% at one point last week, the cryptocurrency is up 2.46 percent over the last 24 hours — leading one to believe that speculation about and knowledge of the announcement has already been factored into the price.
Ripple itself owns roughly 60 percent of the near 100 billion XRP tokens in existence, despite repeatedly claiming that the cryptocurrency is decentralized on the open-source XRP Ledger.
What do you think of xRapid, the price of XRP, and Ripple? Let us know your thoughts in the comments below!
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Dani P
Dani Polo is the co-founder of BeInCrypto, one of the most-read crypto media platforms globally. With a background in fintech and digital strategy, he has led its global expansion and business innovation. Recognized with multiple international awards, Dani combines technology, content, and automation to scale audiences in emerging financial markets.
Dani Polo is the co-founder of BeInCrypto, one of the most-read crypto media platforms globally. With a background in fintech and digital strategy, he has led its global expansion and business innovation. Recognized with multiple international awards, Dani combines technology, content, and automation to scale audiences in emerging financial markets.
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