Ripple has become the talk of the town especially with the XRP price shooting up. However, on the development front, RippleNet, xRapid, and XRP all are making significant headway.
RippleNet crossing the borders reaching different corners of the world
The announcement of xRapid getting launched in the next month and so has already taken the XRP price to the roof, which might not take much to go to the moon now. However, Ripple is constantly moving forward with its various products.
According to the latest reports, Rippel acknowledges the growing remittance market where inflows have increased more than 400 percent over the last ten years. This has initiated the demand for low-cost and faster global payments.
It has been further observed that the remittances around the world crossed $600 billion dollars last year driven by emerging market economies. And Ripple is tapping this market while being at the forefront of “addressing this need for both the expanding global remittance market and growing SMEs in emerging economies.”
The global payments network of Ripple, RippleNet has reached in over 40 countries and six continents. Moreover, the new payment corridors in Asia, Africa, North America, South America, and Europe totals over $2 billion in inflows as of last year. InstaReM, RationalFX, Remitr, FlutterWave, and BeeTech have partnered up with Ripple to make this happen.
Giving lifeline to tens of millions of world’s poor
In its official announcement, Ripple notices that global remittances are expected to reach $642 billion and access to lower cost, faster and more reliable international payments services will offer a “lifeline for tens of millions of the world’s poor.”
Usually, it is difficult for the growing small- and medium enterprises (SMEs) to secure financing to buy equipment and materials and to further hire quickly. This has resulted in a credit gap of about $1.2 trillion that hampers not only growth but also economic progress.
This is where Ripple comes, offering a unique advantage to the SME transactions and financial institutions handling remittances. “By streamlining their payment flows making them faster, more transparent and cheaper,” has made the demand for RippleNet services “so high”.
Ripple is the answer to the SMEx and remitters in emerging markets and all across the world as “Transactions on RippleNet are instant and tracked end-to-end, allowing money to move across borders and into new markets without impediment.”
Successful xRapid & XRP program with banks
On another front, Sagar Sarbhai, the head of regulatory relations for Asia-Pacific and the Middle East at Ripple shared the origins of xRapid and how XRP has been given for internal testing to 12 banks about two years back:
“These 12 banks were based across regions throughout the globe, and they did not have founded relationships with each other. What we did was we gave these 12 banks some XRP and asked them to settle within themselves. And it worked beautifully. But then they came back and said, ‘You know what, this works beautifully and we would love to adopt it but we cannot.’
And precisely for the exact reason you mentioned, about capital requirements, regulatory uncertainty, and so on. So they said that A: It’s volatile. B: There are no set of regulations, so we cannot hold those assets in our books. So we actually went back to the drawing board and said, how do we change this? Which is why we came up with this product called xRapid.”
The development phase of Ripple products is going at a rapid pace which is further driving the price of digital asset XRP higher.