After a very heavy testing period, Ripple’s xRapid now seems to be in a position to see a full mass roll out, meaning the technology will become available to any company looking to explore a real-time settlement solution. As a software package powered by XRP, xRapid has made a name for itself through completing testing periods with companies such as MoneyGram, Western Union and SBI Virtual Currencies.
Now, with xRapid almost set to make a full launch, we expect to see an awful lot of other companies jump on board, something which in turn will do great things for both the adoption of XRP and Ripple’s technologies.
So, what now?
Further testing is expected over the next four months, however these tests have been designed to inform the end product, meaning over this time, xRapid is going to edge ever closer to its final form. According to DailyHodl, Cory Johnson, the Chief Marketing Strategist at Ripple has said:
“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
Moreover, we can’t forget this recent development which saw xRapid grow as a part of a test between the United States and Mexico:
“Ripple and its partners have been testing xRapid in a series of cross-border pilot tests around the globe. In one test between the US and Mexico, Ripple said financial institutions using xRapid saved 40-70% on what they would have typically paid foreign exchange brokers. That figure translates to $12-$21 billion in savings each year.”
See more for yourself, here.
What are the further implications of this?
This cements the development of Ripple, xRapid and XRP. It’s unlikely to cause the value of XRP to spike, but in turn may encourage an increase in trading volume over time. xRapid isn’t an iPhone, therefore people won’t be queing at Ripple’s doors in order to secure it on the day of release, but, over time, should the software prove itself as a viable product and solution, more and more companies will want in, and will hopefully get a hold of this growing technology, meaning xRapid, Ripple and XRP are set to see some growth from this in the long run.