xRapid Set to Launch ‘In The Next Month or So,’ Claims Ripple Exec

The commercial application in question, xRapid, is a solution “for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience.” In general, the technology aims to make Ripple’s cryptocurrency (XRP) a means by which both banks and payment providers may expedite financial transactions across borders — a process which traditionally isn’t particularly fast.

A Slew of Partnerships

Ripple has notably been lining up the partnerships in 2018. More than 120 banks and financial institutions have penned deals with the San Francisco startup, including Santander, American Express, MoneyGram, and Western Union. However, as noted by CNBC, none of the aforementioned partnerships have been definitively good for XRP — since they are either unrelated to the cryptocurrency entirely or merely xRapid trial runs. The launch of a commercial product which utilizes the third largest cryptocurrency by market capitalization would likely give some cause for bullishness, as the company plans on having “dozens” of banks making use of its xRapid product by the end of next year, according to Ripple CEO Brad Garlinghouse.

Down in the Dumps

At the time of this writing, XRP (XRP) is trading at $0.273665 per coin, down 2.30 percent over the last 24 hours. The cryptocurrency, like many other market leaders, has had a rough 2018 — falling from highs of $3.78 at the beginning of January. What do you think about xRapid’s potential? Will the commercial product have an effect on the price of XRP? Let us know your thoughts in the comments below!