At the moment of writing this, the crypto markets can be considered as becoming more and more immune to SEC announcements about rejected ETFs and postponements. Perhaps the crypto-traders and enthusiasts have realized that life was easier when they concentrated on the technological developments of their favorite projects and forgot about financial institutions determining their value. This is the case with the XRP community who have chosen to focus more on the possibilities of Ripple payment solutions of xVia, xCurrent, and xRapid.
The genesis of the Ripple ‘Convergence’ Theory
The idea of the ‘Convergence solution’ of merging all three Ripple software products came about when the Director of Talent Acquisition at Ripple, Jim Chauncey-Kelly, made a few comments on Interview Now on the 9th of August. The comments have since been deleted, but other publications captured what he had said:
Earlier in the year, a big part of what my team was focused on was hiring a lot of engineering. This was probably our biggest push because we are building a software called Convergence that syncs together all of our 3 major products into one seamless format.
For example, if American Express (one of our clients) wants to send $500 to a bank in Thailand, there is an immediate quote of what that exchange is and the money goes through. This is something that brings together all of our products to further enhance RippleNet which is very exciting.
Tweet Negating the Claim
Jim Chauncey-Kelly would then tweet that Ripple only had three products of xCurrent, xVia, and xRapid. The tweet has since been deleted, but it stated the following:
Hi All – for clarity — we have 3 products – xCurrent (in production) and 2 more on the way – xVia & xRapid. They will be on a ‘convergence’ release soon. There isn’t a software actually called ‘convergence’.
How it Could be True
Given how large corporations like to keep mum with respect to mergers, acquisitions, new technological advancements and even products, Jim Chauncey-Kelly could have simply not been able to keep the excitement to himself about a one-stop solution that integrates the best of xCurrent, xVia and xRapid in one simple product.
Given the fact that xVia is an API base gateway that helps payment providers and banks who want to send payments across various networks using a standard interface; xRapid and xCurrent can be categorized as the ‘various networks’ that can be interconnected using xVia.
xRapid is known to use XRP to source instant liquidity to settle payments in record time. Whereas xCurrent is a software solution that enables banks to settle cross-border payments with end-to-end tracking instantly.
xVia can connect two such banks with one using xRapid and the other xCurrent. It is as simple as plug and play. Therefore, the Convergence solution could become a reality with time for there exists a ready gateway in the form of xVia.
Current market analysis of XRP
As earlier mentioned, the crypto markets have developed some sort of immunity from the constant bad news from the SEC. Looking at our favorite digital asset of XRP, it is currently valued at $0.329 and up 1.68% at the moment of writing this. If the current momentum is maintained, it could be a matter of weeks until we see the much awaited $1 value once again in the markets.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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