Ripple (XRP) is seeing a slight dip in price today even after some positive announcements, and this might be time to buy as the price seems to be stalled on an overall slow market. The lack of momentum in bitcoin is dragging down much of the market (The volume of Bitcoin remains fairly low at around $4 billion, down more than 30 percent since mid-September) and overshadowing what are some exciting announcements from XRP.
First, the xRapid launch has three current customers and more on the docket to sign up. The latter is a cross-border payment app and replaced the outdated SWIFT solution. Most analysts believe this platform will take off more quickly in Europe as borders and banking between different countries is far more common. This is really Ripple’s ultimate goal and has even stolen employees from key companies to expedite the downfall of SWIFT.
“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.”
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Furthermore, billion dollar Banco Santander is one of Ripple’s most important customers for their OnePay FX application. Santander Head of Innovation Ed Metzger said the bank’s vision in the integration of Ripple is to utilize xCurrent, Ripple’s enterprise blockchain, to improve the lives of its customers.
“We believe that financial services is moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with OnePay FX.”
Santander could be just one domino to fall here. OnePay FX is showing momentum for banks in Japan and South Korea, both of which are starting to gain interest in Ripple’s fast payment processing.