The distributed ledger startup Ripple recently published the results of its xRapid pilot programs. The report focused on the company’s offering that was centered around the cryptocurrency Ripple (XRP) stating that the pilot helped the company see significant savings in fees as well as the overall transaction times.
The company also announced a number of partnerships over the past couple of months with companies that piloted xRapid as well as xCurrent, which is another offering that does not utilize Ripple (XRP).
The head of product development at Ripple, Asheesh Birla, told news sites that the company looked at seven pilot projects, finding that the results were fairly similar in each scenario. As a result, the data was aggregated and resulted in 40% to 70% savings, according to the company’s Thursday report.
The platforms that are piloting xRapid recognized the speed, adding the following:
“They were like, ‘Wow, this entire thing is happening in a matter of seconds all the way through,’ and that’s just not possible given the way the current legacy financial system works.”
While the transactions from one financial institution to another took a couple of minutes, the portion that involved the XRP ledger only took a few seconds. This has been a major advancement for the xRapid platform, which now takes a few minutes to process and send out into local rails.
Ripple is currently planning to move from pilot programs to full-scale launches. However, the company said that pilots are crucial towards putting the final touches of the product and testing it until its launch.
Ripple Price Action Is Positive After Yesterday’s Correction
- Hourly MACD – The MACD for XRP/USD is very slow when moving into the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level, with a positive sentiment now.
- Major Support Levels – $0.2350, $0.2250 and $0.2220.
- Major Resistance Levels – $0.2450, $0.2500 and $0.2540.
Ripple XRP Price Is Primed To Rise Despite Selloff Today
- Hourly MACD – The MACD for XRP/USD is right now showing a lot of bearish signs.
- Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 40 level at this moment, forming a bearish angle.
- Major Support Levels – $0.2240, $0.2200 and $0.2050.
- Major Resistance Levels – $0.2300, $0.2365 and $0.2450.
MoneyGram And Ripple Extend Their Partnership With $11.3 Million
"MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities."Nothing in the SEC filings state what Ripple's investment will be used for. Still, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain product named ODL (On-Demand Liquidity) to facilitate cross-border payments.
"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."MoneyGram and Ripple already were in a financial tie. The two firms announced their partnership back in January 2018 when MoneyGram decided to integrate XRP into its payment system. In June 2019, we saw that the two firms entered into a partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. The blockchain news then showed that Ripple followed through with a $50 million investment, completed in November. Despite the close working relationship, not all money transfer methods are being handled by Ripple. Reports recently showed that MoneyGram unveiled FastSend, a service which allows for real-time money sending based on Visa. While Ripple is doing good by expanding its partnerships and actively improving its blockchain, the token is falling down just like many other altcoins. Right now, the Ripple news and XRP updates show that the coin is in a 8.33% decline, going to new levels at $0.2438 in the wake of a major selloff which occurred on the markets overnight. The total cryptocurrency market today is at $261 billion.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
“#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.
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