Ripple (XRP) recovered once again for an intraday high close to $0.06 as the San Francisco-based blockchain startup revealed the commercial launch of xRapid, its cryptocurrency-backed enterprise blockchain product. The release clarified that xRapid is “commercially available and moving into production with multiple customers.”
The firm mentioned three customers for xRapid: MercuryFX, Cuallix, and Catalyst Corporate Federal Credit Union. Moreover, the announcement also suggested that there more and more customers are lining up to get on-board.
What appeals to these customers is what Ripple has been flaunting as their main solutions: fast and cheap border payments. The implication is that customers had depended on the SWIFT payment network to conduct payments across various countries, for far too long. The release stated that:
“xRapid eliminates the need for a pre-funded nostro account when executing a cross-border payment. It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods, which take days and incur high foreign exchange fees.”
XRP has been known for its sharp price changes, which are particularly tied to news events or lack thereof. But even during the 2017 bull run where Ripple hit more than $3.00, the company didn’t change its goal and solution, which is slightly defined in almost all company publications: making cross-border payments cheaper and faster. The eventual aim that Ripple has is to take over the SWIFT payment network completely. But, most investors do not share this sentiment.