This could be just what Ripple has needed to boost their value. The pilot results for their new payment solution software, xRapid have been released and they are anything but disappointing. The project aimed to test remittances between the two North American neighbours of Mexico and the United States of America.
The results showed that the financial institutions that used the new software saved between 40% and 70% in the transactions, compared to what they had been paying foreign exchange brokers, who act as the go between in these transactions. What’s more is that the xRapid payment took just two minutes in these test, and the majority of that time was spend processing the funds across intermediary digital asset exchanges and local payment rails. If this was not the case, the transaction would take between two to three seconds.
It is safe to say that these results are a real game changer, when you consider that these transactions previously would have taken anywhere between two to three days, decreasing the time by a huge 99.93%. It is impossible for the financial world not to take notice of this.
xRapid is very unique as it is the only payment software solution by Ripple that uses XRP. This is used to offer liquidity, which is what lowers the cost. This is because it completely bypasses the need for foreign exchange brokers who are known for charges high transaction fee, and low rates of Forex exchange. It could also allow for further adoption in the future, which could boost the value of XRP.
Currently XRP is valued at less than $1 and this has fallen even lower over the last couple of days, but this new solution could be exactly what the project needs and will boost people’s faith in both the coin and Ripple as a whole.