Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Will Ripple’s xRapid Succeed in the Highly Volatile XRP and Cryptocurrency Market?

by Daily Hodl Staff
September 25, 2018
in Altcoins
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

Ripple’s go-to cryptocurrency XRP is no stranger to the notorious volatility of the crypto market. After a recent rally, the price of XRP has plunged in the past 24 hours, shedding more than $2 billion in market capitalization, according to CoinMarketCap.

How will this extreme volatility impact Ripple’s soon-to-be-launched XRP-based payment solution xRapid? Here’s a breakdown of how the product is designed to work alongside dramatic swings in the price of XRP.

Market Volatility and xRapid

Ripple co-founder Chris Larsen explains how the company created xRapid to give financial institutions a regulatory compliant way to utilitze the speed and liquidity of XRP for cross-border transactions.

“So in this example, a customer’s going to a remittance company in the US. Those dollars are now exchanged into XRP through Bittrex, which is a great exchange. It’s immediately settled in XRP in seconds. Bitso, an exchange, then provides the exchange between XRP and Mexican peso that can now be delivered to a Mexican bank, which, because they have a real-time system in Mexico, allows that to go into the customer’s account very quickly.

This now allows payment providers, banks and their customers to move value in one to two minutes versus days or a process that might mask those days but have to charge for the settlement risk and costs.”

According to Ripple, the actual amount of time that XRP is involved in the process of an xRapid transaction is so short, the volatility of XRP becomes irrelevant.

Ripple’s head of product Asheesh Birla says the process will actually result in a transaction with lower costs and volatility than fiat.

“We asked our customers – and using xRapid, the volatility that our end-customers are using, the xRapid end customers are using, is only a few seconds. And so we asked them, ‘A few seconds of XRP volatility – how do you feel about that?’

And overwhelmingly they said, ‘Listen, I will take a few seconds of XRP volatility versus holding Mexican pesos for weeks or months, like I have to. Because the volatility of a few seconds of XRP versus the volatility of a week holding a local currency is a huge difference. They’ll take the seconds in XRP any day.”

Although the real-world success and impact of xRapid remains to be seen, Ripple and its partners have been testing xRapid in a series of cross-border pilot tests around the globe.

In one test between the US and Mexico, Ripple says financial institutions using xRapid saved 40-70% on what they would have typically paid foreign exchange brokers. That figure translates to $12-$21 billion in savings each year.

The launch of xRapid is on the horizon according to a number of leaders at Ripple, including Ripple’s head of regulatory relations for Asia-Pacific and the Middle East Sagar Sarbhai.

Ripple owns 60% of the total supply of XRP, with 91% of that investment locked in escrow.

Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Mogul Brings NFTs and DeFi to the Film Industry, Announces Access Pass Sale
    March 5, 2021
  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$49,065.00
$49,065.00
1.21%
Ethereum
$1,536.13
$1,536.13
0.47%
Binance Coin
$228.26
$228.26
0.92%
Polkadot
$33.87
$33.87
4.5%
Cardano
$1.18
$1.18
5.02%
XRP
$0.460609
$0.460609
1.68%
ADVERTISEMENT

Spotlight

  • Coinbase Names Bitcoin Creator Satoshi Nakamoto As Potential Risk to Its Business
    February 27, 2021
  • Retail Goliath Rakuten Now Allows Users To Pay With Bitcoin, Ethereum and Bitcoin Cash
    March 3, 2021
  • Crypto Bull Mike Novogratz Dramatically Increases Bitcoin Price Forecast for End of 2021
    February 28, 2021
  • One of the Most Exciting Altcoins on the Market Gaining Real-World Adoption in Digital Payments, According to Coin Bureau
    March 4, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.