Ripple’s chief market strategist Cory Johnson has laid out company’s plans to speed up cross-border payments and money transfer.
Johnson used an example of a Thailand – US money transfer, explaining that xRapid can easily convert Thai baht to XRP which can be sent digitally to the US. It can then be converted to US dollar in just a matter of minutes.
He said that
“So the state of the art is one financial institution tells the other financial institution, ‘We want to move $1,000 in Thai baht to the US right now. It’s going to result in ‘X’ number of dollars. Are you cool with that? Click Yes.’ Boom. Within a minute or two it’s done”. He also mentioned that “Our notion is that there is no payment layer for the internet. We’re creating a separate internet. Ripplenet is the phrase we use”.
He mentioned that “It is early, but I think we’re probably the most advanced company in all of blockchain. We’ve got over 100 paying customers. We’ve moved over a billion dollars across our network. We’re opening new corridors. I joined the company nine months ago—the company was doing about a deal every six weeks. Now it’s about every six days”.
Former eBay CPO sees XRP as the solution for cumbersome international payment system
Former eBay Chief Product Officer R. J. Pittman complained about the inefficiencies of the current payment channels available right now and noted that cryptocurrencies like XRP, acting as a bridge currency, is a great use case. He calls it the “lubricant in the flywheel” of cross-border payment for companies like eBay.
XRP price action
The second biggest digital coin, XRP, dropped for 0.3 percent on Thursday, currently floating around $0.44 at the time of writing. Maintaining its market share at the $17.6-bln mark, in comparison to Ethereum’s $13.6 bln, XRP is solidifying its newly acquired 2nd position, leaving ETH far behind it.
Over this week, XRP has overall lost 1.5 percent; its slip over the month has been near 3 percent.
As reported by Investing Haven, who published a price forecast for 2019, they are bullish on Ripple’s XRP token being one of the cryptocurrencies of the year. The recent price decline didn’t seem to impact their opinion.
During the week, more XRP has been brought into the market due to the movement of over $15 million worth of XRP from the Ripple distribution wallet to an unknown wallet. When the supply of digital assets is increased artificially, and a change seen in investor’s market demand, then the value of assets in the public markets will experience a negative impact.