"We are betting XRP ledger and XRP as the digital asset of choice where we are talking about the blockchain component of this internet of value". There are a good number of reasons why XRP is struggling with its value.
An executive at Ripple Labs has indicated that the company's long-awaited commercial product, xRapid, could soon be released. After Ripple was founded, the creators of XRP gifted a substantial amount of it to the company.
Despite the possibilities, only a few blockchains have been deployed in the payment sector and Ripple's technology has been at the heart of adoption in this industry. xRapid allows companies to minimize their liquidity costs as the use of Nostro/Vostro accounts is not required as part of the payment transfer process - freeing up funds that would otherwise be tied up for prolonged periods.
A financial institution that has an account with Bittrex initiates a payment in USA dollars via xRapid which is instantly converted into XRP on Bittrex.
Today, searches for XRP are at 38% of that peak while those for Ripple hit 45%; still a significant statistical outlier compared to averages of 12% for XRP and 30% for Ripple over the last month.
It is said that the xRapid has been designed in order to "bridge" between crypto and fiat.
Ripple's Sarbhai said that more than 120 banks are now partnered with Ripple, using the blockchain-based product xCurrent.
Currently, there is no obvious cause for the Ripple price rally, other than the San Francisco-based Blockchain technology startup recent proclamation that Ripple-based commercial Blockchain tech applications will go live "in the coming month or beyond".
At the moment, RippleNet's network includes over 100 different global banks and payment providers. Among which is Santander and American Express. Detractors also allege that Ripple will never become mainstream.
Ripple's service is created to offer enhanced payment services in more needy areas, according to a September 19 blog post from the Ripple team which detailed the cross-border payments solution. However, Ripple then answered that the sample was quite small to see a difference.
As Oracle Times notes, "using the term "real-time payments" implies that this partnership is using xCurrent, as xRapid "settles" in real time".
"The impact depends on the specific regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets". For now, XRP's total market cap is hovering around $25 billion, marking a passing of Ethereum's current capitalization of $23.41 billion. He also added that "What we're now seeing is more and more regulators, policymakers taking the whole space in one conjunction". Ripple inked a deal with a division of PNC Financial Services Group Inc., which reportedly will use Ripple's xCurrent product to process worldwide payments. He believes that the regulators now saw the benefits of the crypto market.