XRP Set For Another Major Boost As Ripple Embarks On xRapid Expansion Project

XRP price prediction 2019 is typically influenced by a variety of factors including Ripple news. As you probably already know, XRP is used for the xRapid protocol. xRapid is Ripple’s cross-border protocol that is gradually becoming the gold standard for international payment settlements. Recently, Asheesh Birla, the senior vice president of products at Ripple announced that Ripple is gearing up for an xRapid expansion project. If this project is successful, the XRP price prediction 2019 will be dramatically influenced. It might be the boost members of the XRP rich list have been waiting for all this time.

XRP News Today – XRP Price Prediction And The xRapid Expansion Project

During a YouTube ask-me-anything session, Birla talked about how Ripple is planning to launch this project and has already started in Mexico and the Philippines. In Birla’s words;

“On demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries has been overwhelming. But we are working on the next set of destinations, which we will be announcing in hopefully short order here. I know our product teams and marketing and engineering teams are working hard to light up those next set of destinations so that we can provide our customers with increased choice in terms of global expansion.”

XRP (XRP) Price Today – XRP / USD

# Name Price24H %
3
ripple
XRP(XRP)
$0.256
0.517%

While the company has the resources required to open the payment corridor, it has to make sure that it meets the regulatory requirements before it proceeds. As soon as things are sorted out on the regulatory front, Ripple will be able to partner with exchanges within the country to promote the use of the xRapid protocol and in extension, XRP. The Silicon Valley tech company has already entered into partnership with Coins.ph and Bitso to power payments between Mexico and the Philippines. Birla continued;

“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now… It’s two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”

Birla said that XRP isn’t like any other digital asset. It is an excellent option for enabling cross-border payments because it is fast and affordable. Birla continued;

“XRP has an advantage in that it was built specifically for payments. And so it settles in a matter of seconds. So that question that you had earlier about volatility – not an issue when using XRP for cross-border payments. The cost of sending with XRP is just a fraction of a few pennies. And the third [reason] is that it’s extremely scalable. You can do thousands of transactions per second using XRP and all those reasons make it really well suited for cross-border payments. You can beam YouTube to the space station. You can actually send emails with just a few clicks and anyone around the world can get it. But sending money, I mean that is a painful experience. If you’ve sent a bank wire, or if you’ve actually tried to wire money around the world, you know that it’s just faster probably to just get that money, get a plane and get it to your destination. The crazy thing about payments today in 2019 is that if you want to send money globally, it really hasn’t changed since the 1960s. We’re not out there to destroy all the good around the world in terms of regulation and financial institutions. Really early on at the company we wanted to be constructive builders, not destructors. So we are working with banks, payment providers and central banks around the world to make a better and more modern financial system to send money across borders.”

If this project is a success, it’s going to be a major win for XRP per adoption and price support. Other similar projects would be launched in other countries until xRapid reaches massive adoption.

What do you think about the Mexico-Philippines xRapid expansion project? Share your thoughts in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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