Ripple Delivers xRapid to Commercial Production as Swell Event Unfolds
Ripple is placing its xRapid solution into commercial production, initially sending shares of XRP and the broader cryptocurrency market slightly higher on the heels of the announcement. Crypto prices have since been meandering in and out of positive territory. Ripple, which is in the midst of its two-day Swell conference in San Francisco, shared the development on Twitter while the leading cryptos were trading in the doldrums. Soon after the announcement, the tone of the crypto market began to shift, with BTC and ETH putting up fractional gains and XRP gaining about 1%. At the time of publication, XRP has turned lower.
xRapid is going into commercial production. @mercury_fx_ltd, @Cuallix and Catalyst Corporate Federal Credit Union will be the first to make on-demand cross-border payments on RippleNet using #XRP. https://t.co/dQ02J4vdBl
— Ripple (@Ripple) October 1, 2018
Perhaps the development was already baked into the XRP price. If you recall last month, Ripple executive Sagar Sarbhai stole the thunder when he suggested that xRapid would likely enter commercial production in October. So perhaps traders are saying ‘we already knew that.’ More details were provided with the official announcement, however, with Ripple saying a trio of customers — MercuryFX, Cuallix and Catalyst Corporate Federal Credit Union “will make on-demand cross-border payments on RippleNet using XRP.”
MercuryFX, which is among the customers to have trialed xRapid, will use the solution “in the Europe to Mexico corridor,” according to a Ripple blog post.
Ripple CEO Brad Garlinghouse in addition to Bill Clinton took the stage at Swell, though the blockchain startup kept the comments of the former U.S. president close to the vest. They did share an excerpt from Garlinghouse, who said:
“You can enable money to be interoperable in the same way goods in the same way data and to truly enable a bonfire to exist enabling global commerce to accelerate to enable the industries and frankly even a segment of the population to be brought into the fold. So let’s build. Let’s not think about just disruption. Let’s work together. Let’s build what that future looks like.”
Meanwhile, social media was able to capture some of Clinton’s comments, which appear to warn about the potential damage of overregulation.
"You can’t apply a old regulatory regime to a new technology,”. “You could kill the goose that laid the golden egg.” – Bill Clinton @ SWELL 2018#XRP #XRPcommunity #BillClinton #XRPcommunity #Swell #SWELL2018 #Ripple
— Benonwine (@benonwine) October 1, 2018
XRP-fueled xRapid removes the need for “a pre-funded nostro account” for cross-border payments. These transactions occur in mere minutes and at a fraction of the cost compared to what it takes for banks to complete.
XRP has been battling with ETH for the No. 2 spot among cryptocurrencies based on market cap. Both coins boast a value of more than $23 billion, and the jockeying for position is likely to persist unless one of the coins takes off. XRP has already advanced 67% over the last 30 days, capitalizing on ETH’s weakness.
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