xRapid, Ripple’s Payment Solution that uses XRP – The Pilot Results Are Out
Ripple (XRP) is currently boasting three products: xRapid, xVia and xCurrent. The Ripple Community has been debating which one of them uses XRP, and now it’s finally confirmed that xRapid uses the coin. This comes after news about the release of pilot results of money remittances across the borders of the U.S. and Mexico using the xRapid payment solution.
The pilot results for xRapid are published
The pilot results for xRapid were published on May 10 on Ripple’s official website.
The official notes stated that xRipple “eliminates delays in global payments while also dramatically lowering cost. xRapid leverages the technology behind the digital asset XRP, to make cross-border payments truly instant.”
The notes continue and explain that “For payments in the critical remittance corridor between the U.S. and Mexico, financial institutions using xRapid saw a savings of 40-70 percent compared to what they normally pay foreign exchange brokers. An average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments.”
The part of the transfer that relies on the XRP Ledger takes 2-3 seconds, besides the additional processing time required by the movement across the intermediary digital asset exchanges and local payment rails.
The payment journey via xRapid is cheaper and faster
The announcement describes a payment journey with xRapid in a straightforward way. A financial institution connects straight to digital asset exchanges, and the originated currency is exchanged into XRP which offers the required liquidity to power the payment. In a few seconds, XRP is exchanged into the destination currency.
After the transaction is finalized, the funds are in the destination country for payout. Of course, the transaction is tracked all the way, and the result is a cheap and fast cross-border payment.
The crypto markets are in red these days, and XRP is also down 12%. On CoinMarketCap, XRP is trading at $0.73. This bearish trend is caused by the market losing about $40 billion total market cap.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.