The Ripple and XRP community have been super excited since the World Bank gave xRapid a subtle endorsement this morning. In today’s XRP news, we are going to talk about how the latest comment from World Bank affects the XRP price prediction 2019. As you already know, xRapid is one of Ripple’s technology that uses the XRP token to settle cross-border payments. This morning, the World Bank said that this xRapid technology along with Circle Pay has forced the traditional remittance service providers to up their game.
World Bank Says Ripple’s xRapid Is Changing The Game In Cross Border Remittance
According to the World Bank, Business to Business international remittance can be made more efficient with decentralized ledger technology (DLT). This is because the current methods are slow and outdated hence the need for a change. The post made reference to the efficiency of Ripple’s xRapid as the best cross-border settlement system for cross-border payments between the United States and Mexico.
Apart from the fact that using Ripple’s xRapid will cut costs by 40 to 70%, it is also faster than the traditional methods with payments being completed in less than three seconds. This is a significant improvement considering the fact that the traditional remittance service provider, SWIFT takes hours to days to process cross-border transactions. Regarding Circle, the World Bank said that Circle utilizes peer-to-peer systems to enable near-instant transfers in 29 countries.
The World Bank said that traditional financial services must innovate if they are to remain relevant and serve the market needs. This is why SWIFT has decided to start exploring DLT. The company is reportedly trying to use blockchain technology to handle its Nostro account reconciliation challenges and other challenges within its system.
Apart from SWIFT, Visa is also setting sights on blockchain and DLT. The financial servicing firm is making plans to use blockchain technology to enhance its business to business cross-border payment solutions. Don’t forget that JP Morgan is also using DLT technology for various services including its foreign exchange pricing system, messaging validation, and most recently, it’s internal settlement service with the JPM Coin. The World Bank insists that these traditional firm recognize the effectiveness of blockchain technology and have decided to join the train before they are left behind.
XRP Price Prediction 2019: How Does This xRapid Development Affect The price Of XRP?
In the digital asset space, positive comments from reputable bodies influence the market trend significantly. The fact that the World Bank, the ultimate financial regulator, has acknowledged that xRapid is perfect for the financial services space is a big deal. Apart from the fact that it would promote the adoption of Ripple as a payment protocol company, xRapid technology uses XRP as fuel. So, a rise in the adoption of xRapid will lead to a rise in the adoption and price of XRP.
So, for those who have been listening to negative XRP price predictions 2019, it’s time to look at the bigger picture. XRP is here to stay just like xRapid. If Ripple is able to accomplish its goal and take a significant share of SWIFT’s market, XRP will become the most valuable cryptocurrency in the world.
XRP (XRP) Price Today – XRP / USD
What do you think about the xRapid endorsement from the World Bank? Will this lead to increased adoption in xRapid technology and subsequently affect theXRP price prediction 2019? Feel free to share your comments below.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.