Ripple has been making strides with its new cross-border payment settlement solution xRapid. It has been backed by many financial institutions who’ve been experimenting with it. Along with xRapid, Ripple has also developed xCurrent, an enterprise solution that’ll use xRapid to communicate with banks to confirm payment details and xVia, an Interface to facilitate the functions of xCurrent and xRapid.
One of the primary reasons for XRP’s chances of hitting 10$ is due to the introduction of xRapid. xRapid solves the problem of the capital requirement for liquidity which can dramatically bring down the costs for cross-border transfer of funds.
Ripple is able to achieve this with the help of their technology xRapid, which in turn utilizes XRP token to transfer the funds among different institutions across the world. The XRP token is used as a gateway to transfer funds instead of having reserves of foreign currency.
Few financial institutions like Japan’s Bank SBI and American Express have already started using Ripple’s products like xRapid and xCurrent to transfer money all across the world.
They’ve been consistently adding new clients and in the coming future, as it adds more and more clients, they’ll be using xRapid, which primarily uses XRP as a medium to facilitate international fund transfers. This will drive up the demand for XRP, which will result in a price rise of XRP.
Since XRP’s inception, the price has increased more than a hundred times despite the large circulating supply. It still remains the “favorite” cryptocurrency, not primarily because it was able to grow at astronomical pace, but because it holds real-world application. This is the reason is why it’s undervalued.
XRP’s price grew 28000% in 2017, which briefly made it the second largest cryptocurrency in the market at the beginning of 2018. Despite a huge supply of 100 billion XRP, the coin reached ~$3 at its peak. This happened during the “Cryptocurrency Bubble”, where many other cryptocurrencies with no real-world application unlike Ripple’s XRP, shot up during 2017 and plummeted in 2018.
Since September 2018, XRP’s value grew from $0.27 to $0.46, and with their growing list of clients and the adoption rate of their products, rise of Ripple’s price is inevitable.