He notes that Australia, the Philippines, and Thailand all consider XRP a commodity. Investors seeking to acquire XRP should first buy Bitcoin or Ethereum using an exchange that deals in USA dollars such as Changelly, Coinbase or GDAX.
Leading up to this imminent roll-out, Ripple collaborated with a number of companies in real-world testing of the technology. Ripple company's official blog post noted that after running tests with the kingdom's financial regulator, the Saudi Arabian Monetary Authority, NCB joined RippleNet.
However, XRP is swiftly being pulled out of "security or currency" drama with the latest improvements, in the market as well as in the adoption plan for XRP.
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The xRapid has been catered mostly to banks. Put simply, xCurrent doesn't use XRP but xRapid does. "The result is very good". These collaborations are essential in providing the ecosystem in order to facilitate xRapid. So it allows, for example, a bank that's trying to send money to Mexico to use XRP as the intermediate currency.
In an interview with Coindesk, Ripple's Senior Vice President Asheesh Birla noted that PNC has already conducted its pilot phase and proof-of-concept, and the bank will begin using xCurrent immediately in a production environment. "Payments into emerging markets often require pre-funded local currency accounts around the world, liquidity costs are high. xRapid dramatically lowers the capital requirements for liquidity", the website says.
This is ideal for banks, which have historically been hesitant toward the use of cryptocurrencies, as the xCurrent product does not use Ripple's digital currency, XRP, unlike the xRapid platform. "How do we circumvent banks?'" This attitude has helped Ripple gain crucial partnerships with important financial players.
PNC is arguably Ripple's largest banking client; however, RippleNet also supports Banco Santander, SBI and American Express. However, Ripple then answered that the sample was quite small to see a difference. "Quite a few payment providers have joined RippleNet recently, so it's great to see one of the major US banks come on board as well". These partners have been using xCurrent. As such, it is expected the XRP price will continue to trickle down to the $0.1 level or potentially lower before the year 2018 comes to a close. According to Brad Garlinghouse who works as Ripple's Chief Executive, there are "dozens" of banks that are going to use xRapid by the end of 2019. Meanwhile, the broader crypto market is also enjoying a sea of green.
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