Cryptocurrency News, Ripple XRP

Ripple to announce new xRapid corridors “in the short order”

Ripple SVP of Product Asheesh Birla said yesterday in an interview with Ginger Baker on Ripple’s official YouTube channel that they would be announcing more xRapid corridors shortly. The blockchain based payment settlement system created by Ripple, and uses the XRP token has long been anticipated for use by many investors. The actual term used by Birla was “in the short order”, while slightly ambiguous, this certainly points towards the not too distant future.

Where these new corridors will be, and how many will be announced, for now, is only subject to speculation. However, with “multiple” destinations planned on being announced, the middle-East, South-East Asia and the United States are all being touted as potential options. While the SEC is still not clear on whether XRP (which xRapid uses) will be classed as a security, the United States corridor may not be announced just yet. This would suggest that the markets mentioned above stand a higher chance of being announced. The United Arab Emirates and Japan are both of particular interest. UAE has multiple banks that have partnered with Ripple and Japan’s SBI consortium, headed by the super-bullish Yoshitaka Kitao are due to go live in July 2019.

This positive news comes after Mercury FX CEO, Alastair Constance discussed last month how they are already sending “thousands of dollars” weekly to Mexico and the Philippines using xRapid. Mercury has plans to increase these amounts in due course and also into South Africa very soon.
xRapid adoption has been eagerly anticipated over the last 6-12 months, with the presumption that this will drive the price of the XRP token up. The lack of adoption, however, has stagnated the price. With Ripple’s xRapid global roll-out plan now underway, investors will hope to see some significant movements in XRP’s price.


XRP logo image licensed via Shutterstock

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