xRapid: Ripple’s Long-Anticipated XRP Product To Go Live Next Month

In today’s crypto news, Ripple has again confirmed the launch of its long-waited XRP product that aims to make XRP the asset of choice for cross-border settlements between financial institutions. As the company said, the launch is finally nearing production via an actual commercial application.

In a crypto press release published on CNBC, the head of regulatory relations at Ripple, Sagar Sarbhai, told the publication that the firm believes that this product, dubbed xRapid, could launch in as soon as a month.

As Sarbhai said:

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,”

xRapid will use the public XRP cryptocurrency for settlement, which according to Ripple, enhances the speed off cross-border currency transfers. Meanwhile, Ripple had selected three cryptocurrency exchanges to serve as preferred partners for xRapid – including the names of Bittrex, Bits and Coins.ph.

Sarbhai also noted that more than 120 banks and financial institutions from all around the globe are currently using Ripple’s xCurrent product, which uses blockchain technology to decrease the settlement time but does not actually make use of XRP. The challenge for Ripple is to convince all those firms to upgrade to xRapid and benefit from its actual use.

“A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction.

So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in.”

Meanwhile, a majority of XRP is still owned by Ripple. The token traded as high as $3,84 in January but has seen a 93% decline since then.