Ripple, Inc. announced the launch of version 4.0 of its xCurrent product, which is already used by large-scale banking clients. The new version is notable for being connected to the xRapid system, which uses XRP for cross-border transactions.
xRapid is the biggest hope for all XRP holders, who want to see the asset used as part of the technology. However, none of the large banks that use xCurrent have opted in to also operate on xRapid for cross-border transactions.
The status of the XRP digital asset remains questionable, as it is still unclear if it was just an airdrop to boost adoption, or if the coin is an inseparable part of the technology. Ripple has promised to change the face of bank transactions in place of the relatively old SWIFT interbank system. However, the company will have to compete with a major update in the SWIFT approach, which aims to modernize the banking sector and bring it up to date.
The news arrives as XRP manages to hold onto second place on CoinMarketCap, after Ethereum (ETH) sank toward the $100 level. XRP recovered to $0.38, and is still seen as a more promising digital asset during the bear market.
Ripple also aims to boost XRP’s prominence with a very active social media presence. However, critics see Ripple as a project set aside from the main idea of cryptocurrencies.
The most prominent feature of XRP as an investment is the potential for adoption by banks, and a wider use as a means of payment.
Some wonder why we give #XRP a high rating in spite of its controversies. Because it works, and big institutions are interested in it. We don’t presume to know what path mainstream adoption will take, and no one denies the progress #Ripple and XRP have made in 2018 on that front
— Weiss Ratings (@WeissRatings) November 26, 2018
The latest release of xCurrent will also work as an indicator for the real-world adoption of XRP by banks. In theory, the level of transactions would work to create a higher valuation for the digital asset. XRP peaked at $3.12 in January 2018, and with widespread usage there are hopes of prices above $2 once again.
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