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Ripple Brings XRP-Powered xRapid to 200 Banks and Financial Institutions

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Ripple’s chief technology officer says the latest version of its cross-border payment solution xCurrent is up and running, giving its 200-plus customers a way to integrate the XRP-powered xRapid with the flip of a switch. David Schwartz revealed on Twitter that the upgrade has officially launched.

“4.0 is live. We’re working to get ll customers upgraded, but it’s a complex process. Multihop, xRapid support, much easier peering, and a much easier customer integration process are the major new features.”

The upgrade promises “Increased Product Interoperability” and offers banks and financial institutions that want to leverage digital assets a way to “seamlessly access xRapid for digital asset payments.”

This essentially means every financial institution on RippleNet – Ripple’s network of banks and payment providers that use Ripple’s technology to process payments – can now easily implement xRapid and use XRP to increase the speed and liquidity of cross-border payments.

Ripple outlined the features of the new 4.0 upgrade in November.

  • Multi-Hop Payments – Leverage new liquidity arrangements for nostro account consolidation and further payment reach
  • New User Interface – Deploy, configure, administer and test xCurrent through a simple interface
  • Bulk FX – Purchase FX in bulk from counterparties on RippleNet
  • Enhanced Onward Forwarding – Gain final mile visibility on payment status when forwarded to domestic payment schemes
  • Easier Counterparty Peering – Automate API workflow to enable easier peering to counterparties on RippleNet
  • Increased Product Interoperability – Seamlessly access xRapid for digital asset payments
  • Upgraded Multi-Currency Support – Onboard new currencies without creating multiple databases
  • Additional Error Codes – View more specific error codes for easier STP handling of exceptions
  • Zero Downtime – Eliminate server restarts after making configuration changes
  • Improved Auditing and Monitoring – Receive detailed audit reporting and health checks for connection issues

Ripple launched xRapid back in October of 2018. The company’s global head of banking recently confirmed 10 companies are now using XRP to boost international payments.

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The XRP Price did not hit $9 Despite Dubious Press Release Claiming Otherwise

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There are always some odd developments in the cryptocurrency industry. Earlier today, a press release surfaced on Yahoo Finance. They claimed XRP was trading at over $9.35 on the Investing.com Index. That is quite interesting, considering the actual market value is a lot lower. 

Don’t get Your XRP Price Hopes up

There is a very big difference between actual values and project values as part of a financial index. In the case of the Investing.com index, the value of XRP will make little to no sense. Not only did Ripple’s asset note a 97% increase in value, but it also hit a level which the real market might not see for quite some time to come. This will undoubtedly confuse speculators, traders, and investors alike. 

To be more specific, the index claims XRP hit $9.5560 at one point. Compared to the real market value, that is a near 4,000% increase overnight. Interestingly enough, the press release only mentions a 97% increase. A lot of things do not add up here, thus it is pertinent to take this information with a few scoops of salt. 

Wild Price Swings Galore

Users who frequent Yahoo Finance may have noticed an interesting XRP price trend. It fluctuated from $0.26774 all the way to $9.36579 in a 24-hour period. This seems to indicate there was some fat-finger trading or a bug on the platform which made prices spike for no apparent reason. They also claim XRP’s market cap went as high as $79.53bn, which will not happen anytime soon. none of this market momentum is visible on the index itself, however. 

Across all other markets, these XRP price spikes do not exist. It is a bit unclear how the Investing.com Index is calculated in that regard. None of the tracked cryptocurrency exchanges report such a steep price change in a while. As such, no one missed out if they are holding Ripple’s asset at this time. These gains simply do not exist except as part of one investment index. 

Why Spread Misinformation?

It is a bit unclear why information like this is even made public. There isn’t much point in trying to claim markets are moving in a direction which isn’t there. It is not the first time this Index reported an incorrect XRP price either. That in itself shows that something must be done to prevent such issues in the future. 

Simply because something appears on a prominent website such as Yahoo Finance doesn’t necessarily make it true. While this is clearly a misconstrued XRP price report on the website, it could lead some people to believe RIpple’s asset will spike massively in the coming hours or days. So far, that seems very unlikely, as the asset has remained range-bound for quite some time now. 

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DBS Acknowledges Ripple as the Cheapest Network for Cross-Nation Payments

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DBS, the leading bank’s stand for Ripple as the cheapest and fasted transnational payment system was tweeted by community @BankXRP.

South-East Asia’s leading bank, DBS, referred to Ripple network as the cheapest way to send money across borders. One of the biggest Ripple communities on Twitter, @BankXRP, tweeted about the DBS acknowledgment on 21st Aug on its official handle.

 Treasury Prism is the online treasury and cash management simulation platform of DBS. The official website of Treasury prism mentions Ripple as the cheapest route for cross-border payments. As per its Treasury Concepts, Ripple also stands as the cheaper option out of SWIFT and ACH. 

In the same document, DBS mentions Ripple as the right disruption for the fintech to aid low-cost cross-border payments. Currently, Swift registers 6% error rates in transnational transfers. 

The fintech is looking forward to a faster and cheaper mechanism and Ripple seems to fit in perfectly. Ripple is evidently taking over the legacy systems in place. In another recent development, Ripple has partnered with MoneyGram. According to the community Tweet,

Ripple’s Senior Vice president of Business and Corporate development has joined MoneyGram’s board of directors. Kahina Van Dyke, Ripple’s SVP will be acting as an observer in MoneyGram. The news has come out post the Ripple MoneyGram partnership.

MoneyGram recently introduced xRapid technology in its international payment processing system.

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Xendpay to Ride the Money Transfer Advantages of RippleNet

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Xendpay to expand its services to more countries by using the RippleNet. The company would be using the existing infrastructure of RippleNet.

To expand and support transnational money transfers, Xendpay joins Ripple’s global network. In an official announcement by Ripple, the Xendpay users will be able to transfer money in currencies along with USD too.
According to the press release, Xendpay will have excess to the existing infrastructure of RippleNet. It would include the support of financial institutions like banks and money transfer facilitation partners.

The Xendpay users could not transfer any other form of currency apart from USD in transnational transactions. To make the payments in any other currency, the platform has to create a new business case. Such a set up with local banks added complexities of international money transfers and added to the cost of the transfer. As per Xendpay’s head of product innovation, Bhavin Vaghela, integration with RippleNet will allow faster and efficient transfers. Bhavin also added that with RippleNet XendPay will be able to penetrate the market faster with its built-in trust factor.

Ripple’s Network has grown across 40 countries and has over 200 consumers. With such a vast payment network Ripple has become very cost-effective for smaller currencies.

Bhavin stated that the traditional channels took them 3-4 days to transfer Thai Bhat. But with the use of RippleNet almost 90% of the Bhat payments are getting processed within 10 minutes. With the RippleNet integration, XendPay opens up newer payment processing services to Bangladesh, Malaysia, Philippines, Vietnam, and Indonesia. The same will support real-time payment rails to Thailand. Xendpay is already a popular transnational payment service provider across the globe. It has lots of clients in the U.K., Europe, Canada, South Africa and India where the number of migrants is increasing.

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