XRP market dozes off after the release of Ripple’s xRapid

Ripple, the blockchain company that has assisted the new technology in experiencing adoption and carrying a reliable reputation before the traditional industries recently launched its cross-border payment service, xRapid for commercial use. The launch was a massive hit in the cryptocurrency and blockchain space, pushing the XRP market to a new high.

Regarding the advantages of xRapid, Ripple in its announcement blog wrote that XRP contributes to the functioning of the service by providing liquidity on exchanges around the world. The blog read:

“xRapid eliminates the need for a pre-funded nostro account when executing a cross-border payment. It sources liquidity from XRP on exchanges around the world. As a result, cross-border transactions occur in minutes and at a lower cost compared to traditional methods”

Till date, some of the customers up for the purchase of xRapid have knowingly been MercuryFX, Cuallix, Catalyst Corporate Federal Credit Union, among others. However, the positivity surrounding the launch has not made much of a distinction in the XRP market as the cryptocurrency market continues to move vertically.

At the time of writing, XRP was trading at $0.444 with a market cap of $17.7 billion. The prices were showing a drop of 2.13% with a 24-hour trading volume of over $291 million.

The market price of the cryptocurrency has not displayed effective horizontal movements in almost two weeks. Around the mid of October, the XRP price jumped from $0.4 to $0.5 but remained relatively stable and lost its volatility in the following days to a considerable amount.

In a recent update, Ripple also announced its partnership with Flutterwave, which is a payment system based out of Africa. The partnership is expected to connect Africa with the global economy through the integration of the blockchain technology to boost the country’s businesses.