XRP News Today – For the past few weeks, the XRP 589 dollar price prediction has been trending in the cryptocurrency space. You see an XRP price analyst suggested that the price of XRP has what it takes to surge as high at $589 at a given point. Before you dismiss this XRP prediction, keep in mind that Bitcoin went from $0 to almost $20,000 within a ten year period. If Bitcoin can achieve this, the XRP 589 dollar price prediction isn’t far fetched. However, Ripple’s cross-border technology, xRapid is going to be the vehicle that will drive XRP to $589 and above. Right now, more than 50% of XRPs success depends on xRapid.
Ripple News Today – XRP News Today – XRP Latest Update – XRP Price Analysis – XRP Prediction – xRapid Is The Key To XRP’s Parabolic Bull Run
Ripple created the RippleNet umbrella to encourage banks and other financial institutions to use its protocols. Right now, more than 200 institutions are registered with RippleNet. These companies are taking advantage of Ripple’s protocols xRapid, xCurrent, and xVia. Many of these banks have activated the xCurrent protocol but only a handful are using xRapid. The xCurrent protocol is an interbank messaging system that allows banks to communicate with each other in real time during cross-border remittance. This technology, while efficient, hardly requires XRP. XRP is only used as payment during these transactions. XRP is also not required with the xVia protocol. The key is xRapid.
XRP (XRP) Price Today – XRP / USD
The xRapid protocol uses XRP to source liquidity on demand. Transfering money through the xRapid protocol is cheaper, faster and more transparent than sending money through traditional means. A handful of banks and financial institutions have started using xRapid and many more will join soon. Yesterday, an unofficial report in the space was that Binance, the largest cryptocurrency exchange per volume, is considering using xRapid. Changpeng Zhao, the CEO of Binance said;
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them as a partner.”
The more these firms leverage xRapid, the higher the demand for XRP will be. This will eventually encourage a surge in price. With the global adoption of xRapid, XRP will have the momentum it needs to lead a parabolic bull run and fulfill the XRP 589 dollar price prediction.
XRP News Today – Ripple News Today – Current Price Of XRP – Challenges Ahead For xRapid
The road to mass adoption for xRapid isn’t going to be an easy one. While xRapid is efficient, convincing centralized financial institutions to ditch their current systems and use a decentralised one isn’t easy. To benefit from this technology some financial institutions decided to create their own internal settlement system instead of depending on Ripple’s xRapid.
XRP (XRP) Price Today – XRP / USD
At the time of writing, the price is XRP was $0.395812. This means that it is down by 1.27% against the USD and down by 1.64% against the price of BTC. The trading volume over a 24 hour period is $1,433,636,832 and the market capitalization is $16,718,693,331.
What do you think about the XRP news today? Will xRapid drive massive adoption and price hike for XRP? Share your thoughts in the comment section 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.