The price of XRP Ripple has nearly doubled in the past few days and now has a market cap of approximately 22.7 billion USD. The recent upward spike was mainly due to an announcement of a new product called xRapid. Executives at Ripple told the public that they are getting ready to launch xRapid, a new product which is focused in helping banks increase the speed of transactions by using the cryptocurrency XRP. xRapid is set to launch in mid-October according to Ripple. xRapid is designed for payment providers and other financial institutions who already have the option to request early access for xRapid on their website. Ripple describes its xRapid service as using the cryptocurrency, XRP as bridge between fiat currencies, which allows banks and payment providers to speed up cross-border transactions.
Ripple is already known for landing partnerships with high profile companies and financial institutions Ripple recently announced that PNC Bank has joined RippleNet. Santander Bank is another institution who recently started doing business with Ripple. Santander Bank recently launched new app for global payments using xCurrent.
Ripple is currently making headlines with the recent announcement of xRapid and the recent price change. This could be a very good sign for future growth for the company. The cryptocurrency community has grown into new dimensions over the past few years. Ripple still remains to hold a high position in market cap trailing behind Bitcoin, and Ethereum. Ripple recently passed Ethereum’s market cap during the recent rally and now is only a few billion lower than Ethereum. This is a very big accomplishment for the XRP community.