Despite the overwhelming behavior of the crypto market in recent times, Ripple Labs has not relented in proving to be an ambitious and reliable company in the cryptocurrency ecosystem. The startup behind the development of the XRP token has gradually succeeded in arousing the interest of the cryptocurrency community not only in the technology behind it but also in the solutions proffered by the company.
The successful campaign by Ripple paved the way for the company to carve a name for itself in the heart of the international technology world. As a result of this, the company based in San Francisco was honored to be regarded as the builder of one of the ideas that could turn the world around for good.
As stated by Fast Company, over 2000 participants submitted their projects to be considered and studied by the panel of judges who finally considered Ripple’s XRapid worthy of the prestigious award.
In the field of Developing World Technology, the expert’s panel gave Ripple an honorable mention while being considered the worthy recipient of the award. The remark was however shared with other prominent startups such as Ericsson, Vivo, Mindtree.org as well as Accenture labs India.
Amongst all the products engineered by Ripple such as RippleNet, xCurrent, xRapid and xVia, it was the xRapid tech that won the award and happened to be coveted by other startups.
What is XRapid?
XRapid is a financial product by initiated Ripple Labs. The product is a liquidity solution used by banks that make use of Ripple’s XRP token as a bridge currency. One significant attribute of XRapid is that it focuses specifically on cross-border remittances.
The Ripple team was to be delighted with this development and shared this information via their social media handle on Twitter, and this has since been spread by the XRP army with the tweet amassing over 780 retweets and over 1800 likes.
As stated by Ripple, xRapid abolishes delays in payment globally while drastically lowering transaction costs, thereby making international payments instantaneous and less expensive. This technology was launched only a few months ago and has been massively adopted by various banks and financial institutions in order to make international payment and trades seamless.
XRP in recent times has displayed bullish behavior in tune with the general crypto market behavior. It currently stands at 0.35276 USD per token and a market volume of 13 billion US Dollars. Despite this positive news, there seem to have been no significant sentimental change in the token’s behavior.
Contrary to this, XRP’s value with respect to BTC has seemed to be on a steady decline as against its bullish behavior with respect to the US Dollar.