The CEO of Ripple, Brad Garlinghouse said in an interview with CNBC that the future of Ripple is bright as many banks will be using the XRP Ledger by the end of 2019.
In order to facilitate the use of XRP ledger, the XRP coin will be used, which can increase the demand leading to a surge in the price of Ripple’s XRP. The XRP ledger is based on an open-source codebase which can perform more than 1500 transactions per second. The cross-border payment settlement can be done in the blink of an eye, unlike the traditional method where it takes days to complete the process. The technology which backs up these functions is called xRapid.
xRapid will be used by banks to facilitate cross-border payments with the help of XRP tokens and XRP ledger, which will be publicly visible to everyone. This system was developed to provide faster, transparent and cost-effective way for Financial Institutions.
Financial Institutions like American Express, Japan’s SBI and Middle Eastern Banks have already adopted the Ripple’s technology into their businesses while many other banks have begun testing their products.
xRapid initiates speed and scalability where large transactions can be completed at a blink of an eye while the traditional cross-border transactions can take days to conduct large remittance. Along with xRapid, banks will be using xCurrent and xVia, which are Ripple’s products linked to xRapid.
Brad Garlinghouse, with respect to the price of Ripple’s XRP, says,
“The industry is nascent and speculation is what dominates the market action. In time, people will understand the unique use cases. Bitcoin will be a panacea as people suspected it will be. Bitcoin would solve different problems. There are different kinds of blockchains and ledgers being created daily.”
The XRP is certainly undervalued and the masses have failed to understand what it brings to the table, people who’re slow in adopting the upcoming decentralized revolution may be left behind.