Although previously showing a progressive pace of growth despite the market dips in November and climbing to the second spot on the list, XRP is still seen in a drop. The factor that could most probably drive the price of XRP up is xRapid, but how many banks are using this XRP driven product by far?
The market was rebounding big time on November 26th, but the cryptos are back down again with the latest dip that is driving XRP down by over -7% with the rest of the declining market, including the top traders.
Still, in the center of attention, the mass adoption of XRP appears to heavily depend on how many banks from Ripple Net will decide to switch from xCurrent to xRapid.
How many banks are using, testing, or planning on using xRapid with XRP by far?
XRP Mass Adoption Strategy: How Many Banks are Using xRapid?
XRP gained an amazing momentum with the news that SBI Ripple Asia showcased a live demo of MoneyTap, which represents a real-time payment system driven by Ripple technology.
Another price pump factor appeared in form of the announcement on November 14th, just around the time when XRP become the second-largest crypto, that CIMB Group joined Ripple’s network of supporters.
However, despite several great news for Ripple, everyone is still wondering when the expansion of XRP will take place through xRapid product presented for the utilization of banks and financial institutions back in September.
For now, only 3 banks from Ripple Net are officially using xRapid out of over 120 banks from the network of Ripple supporters.
The banks using xRapid with XRP for real-time, fast and cost-effective remittance payments are Cuallix, MercuryFX, and Catalyst Corporate Credit Union as announced by Brad Garlinghouse and the respective banks two months ago.
Since then there were no further confirmations of other bank partners accepting xRapid instead of xCurrent.
The product xRapid is said to be piloted two years back in 2016, where 12 banks were testing the product, and even though the product was working magnificently well, the banks said that due to regulatory questions they wouldn’t be able to use the product yet.
For now, none of the xCurrent clients from the network of supporters have announced that they will be switching to xRapid, although Brad Garlinghouse claims that a lot of banks will be using the product in 2019.