Ripple is changing the banking landscape

Ripple continues to make strong gains in a very competitive industry. As proof of his success, at the Crypto Finance Conference, Chris Larsen showed schedules for signing one production contract per week. Today, Ripple has more than 100 contracts with financial companies and is ready to go.

Acts on signing production contracts of companies imply two important aspects. 

First, organizations are willing to test the technology. 

Secondly, they demonstrate their commitment to commercially integrating Ripple products in the future.

The software solutions developed by Ripple are mainly aimed at reducing transaction costs, as well as improving their tracking and increasing speed. 

 Through its xRapid product, Ripple is proposing a change in the way global businesses and banks transfer payments across borders. The results of the first trial for the product xRapid were very promising. According to Ashish Birla, senior vice president of product management at Ripple, the xRapid product makes it possible to reduce transaction times and reduce costs by 40-70%. 

The current system of interbank transfers (SWIFT) takes a long time to process a cross-border payment, and banks have millions of dollars locked up in so-called “nostro-vostro” accounts. 

 The solution to the problem using XRP means that banks can purchase XRP at the lowest price, transfer XRP for conversion to another country, at the highest possible price. All this takes from a few minutes to 2-3 seconds. XRP is a fast and cheap digital asset that can, theoretically, handle around 12,000,000 transactions per second.

Currently, 60% of the total supply of XRP is owned by Ripple. According to coinmarketcap, this token occupies third position in the list of cryptocurrency ratings. The current coin valuation is fixed at $0.30 with a market capitalization of $11.99 billion. Trading volume over the last 24 hours is 376.4 million US dollars, and the total supply on the market is 39.65 billion tokens.