Will Ripple (XRP) Get Back Above $1 in Q4?

Regulators-Stance-on-Blockchain-and-Crypto-Evolving

Regulators-Stance-on-Blockchain-and-Crypto-Evolving

Ripple could be ready to launch its xRapid platform "in the next month or so", says the company head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai. xRapid is one of the cryptocurrency's payment platforms, created to help banks speed up cross-border payment transactions using the company's XRP digital token.

While speaking to CNBC, the executive said he was confident that in the next month or so, supporters should expect good news as the company prepares to launch live production of xRapid.

Sarbhai revealed that over 120 banks are now using Ripple's other product - xCurrent, which settles cross-border payments. This process needs pre-funded local currency accounts in order to take place. However, with the use of xRapid, the entire process would be simplified and sped up, converting the USA dollars into XRP tokens, moving said tokens overseas, and finally converting them into Indian rupees. The list of these institutions include American Express, Western Union, Santander and MoneyGram. The cryptocurrency is set to assist banking by increasing transaction speeds using XRP. According to Sarbhai, over a hundred and twenty banking and financial institutions joined forces with Ripple to utilise its blockchain product xCurrent. Banks would use xCurrent to settle worldwide transactions and to notify other banks when an global payment has been made instantly. It facilitates cross border payments while reducing liquidity costs and at the same time providing users with unmatched customer experience.

Ripple's CEO Brad Garlinghouse said that "dozens" of banks would be using xRapid by the end of 2019.

Authorities have so far taken a cautious view on cryptocurrencies, over concerns that they could be used for illicit practices like money laundering, or to defraud investors.

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Partially due to negative trends in the market and frequent market dips, and on the other hand possibly driven by the undefined nature of XRP token as the asset is waiting for the SEC's decision on the matter of being currency or a security, XRP has now declined to a price of 0.27$, longing to get back on the track.

Sarbhai said that the regulatory atmosphere for blockchain and cryptocurrency sector is progressing and financial watchdogs understand the advantages of crypto.

He stated that the narrative of crypto a few years ago was good in terms of the blockchain, but bad regarding crypto. But I think that what we're now seeing is that more and more regulators are taking the whole space in one conjunction [sic]. "[That narrative is thankfully changing and policymakers are recognizing that there is a strong benefit that digital (crypto) assets bring]".

The price of XRP surged to more than $3 past year, a huge leap from the $0.006 it started out 2017 with. Having receded significantly since, the cryptocurrency is now worth about 28 cents, according to index tracking website CoinMarketCap.

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