Ripple’s xRapid Saved $30k On Cross-border Funds Transfer Which Belong to Mercury FX Client

According to the report of Ethereum World News, Mercury FX praised Ripple’s xRapid stating that it was used to save a client a significant about $30k during funds transfer. The tweet from the official Mercury FX handle was as follows;

“We just saved a client 30k on moving the cash from selling his house in Australia to the UK. That’s a huge saving compared to what he’d get from the banks – and goes a long way toward paying Stamp Duty on a house here! #yourewelcome.”

The client sent funds from the sale of his house in Australia to the United Kingdom. If he had used the regular payment systems to send the funds, he would have spent $30,000 extra on fees. This is a big deal and another example of how efficient Ripple’s xRapid can be in cross border remittance. In the Ripple news or Ripple XRP news today as some prefer to call it, we would be talking about how xRapid was used to save a Mercury FX client $30k on funds transfer.

What is Ripple’s xRapid?

In a bid to become the number one choice for cross-border remittance, Ripple invented xRapid. xRapid is Ripple cross-border settlement system that uses XRP as liquidity. So, xRapid good news often means XRP good news as both work together. Compared to the leading cross-border settlement system in the world – SWITF, xRapid is faster and more cost efficient. This is why it has gained a lot of traction among financial institutions across the globe.

The use of xRapid is going to increase the adoption of XRP because XRP is used as liquidity for the xRapid protocol. In the next few years, if xRapid lives up to its potential, XRP may become the most sort-after cryptocurrency in the space. An increase in the demand for XRP will automatically lead to a surge in its price.

The post by Mercury FX is another confirmation of the efficiency of Ripple’s xRapid. Members of the XRP army on Twitter were excited by the announcement. Hopefully, more financial institutions will be propelled to try xRapid with this latest development and cost saving evidence. It also shows that the hype around the xRapid protocol is not unfounded. This kind of news is necessary at this time since some individuals have expressed their doubts in the xRapid protocol and the survival of XRP in recent time.

XRP (XRP) Price Today – XRP / USD

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At the time of writing, XRP was soaring higher thanks to the ongoing Bitcoin bull run. It was trading at $0.360122. This means that it is up by 6.85% against the USD and up by 0.81% against BTC. The trading volume over a 24 hour period is $2,140,304,775 and the market capitalization is $15,032,861,333.

Ripple’s XRP (XRP) Price Prediction

On Apr 1 and 2, the price of many cryptocurrencies shot to the moon—including XRP.

After a decline of about 2% in March, XRP shot to almost $0.40 on Apr 2.

The breakout reached the resistance line of the channel outlined above, before dropping sharply to $0.34, where it is currently trading.

At the time of writing, XRP has had two unsuccessful attempts at breakout out above the 100- and 200-day moving averages. On the contrary, Bitcoin exceeded both of these levels on Apr 2 when it shot past $5000.

Combined with other technical indicators, we predicted that XRP will trade between $0.3 and $0.44 throughout April; however we believe that consolidation between $0.3 and $0.36 is likely by the end of the month. Source: Beincrypto

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.


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