Ripple (XRP) recently announced the unification of their xCurrent, xRapid and xVia platforms into a single and convenient solution dubbed Convergence. The new system will help boost the demand for the XRP coin by using it as its utility coin to facilitate transactions. This comes a few days after its xRapid platform partnered with Bittrex, Bitso and Coins.ph exchanges. Bittrex will enable users directly trade their XRP coins for USD at the beginning of trading today. A survey to introduce XRP on coinbase has also received great support with 96% of participants being in favor.
xVia is an API solution that facilitates communication between various networks such as xCurrent and xRapid in order to effect cross border payments. xCurrent on the other hand facilitates messaging while xRapid handles settlements in the ecosystem. Their integration is set build upon RippleNet’s successes such as speed and scalability to make the system more efficient and secure. Ripple’s xRapid platform is also anticipated to achieve 100% functionality before the end of the year.
Remittance on the Ripple XRP network
Brad Garlinghouse, the blockchain’s chief executive also stated that dozens of banks will have adopted its remittance solutions by January 2019, a development expected to drive the XRP coin’s price even higher. Users continue to take advantage of Ripple’s super fast network and it has succeeded in closing over 40 million ledgers so far.
Another recent development in Ripple is the decision by Mercuryfx to begin tests for remitting payments into China and Mexico with the help of Ripple. The payments will be rolled out in modest amounts with transaction limits going up over time. In the end, the limit will be removed allowing users to transact up to millions of dollars through the platform.
XRP coins are currently valued at USD 0.34 bringing its market capital to USD 13.47 billion. This makes it the 3rd largest cryptocurrency in the market by size. Its price has jumped 3.2% within the last 24 hours, a trend it has maintained for the past 4 days. The jump comes after a long streak of price fall in the crypto industry that saw the XRP coin reach a low for 2018 of USD 10.9 billion on August 15th. Despite the low valuations on cryptocurrencies across the board, the market has continued to express optimism in XRP. According to @EDadoun on twitter, the market should focus less on the price and instead focus on xRapid’s liquidity, Convergence which integrates its platforms into a single frictionless interface XRPTheBase among its other features.
However, questions have been raised among the community regarding whether or not convergence is an actual product. This is especially because the initial reports regarding convergence were pulled from the internet shortly after they were posted. @JChaunceyKelly states in a tweet that convergence is not actual software, rather it is used to refer to the 3 Ripple XRP products (xRapid, xCurrent and xVia) to be released later this year and designed to operate as a unit.