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xRapid: A Ripple (XRP) Payment Solution That Uses XRP, The Coin

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Ripple
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Over the past few months, there have been lots of debates by the Ripple Community on whether all three products of Ripple (XRP) use XRP, the coin. The products include xVia, xCurrent, and xRapid. Well, it is only logical to get at least one product out of the way and confirm that xRapid does indeed use XRP. This is after there was news of the release of pilot results of money remittances across the borders of the United States and Mexico using the same payment solution.

The results revealed that xRapid eliminates all delays in international payments and also reduces the transaction costs. By using XRP as an intermediary source of liquidity through the XRP ledger, that part of the transaction only takes 2 – 3 seconds as is expected of Ripple technologies. When you add the additional time taken to convert XRP through digital asset exchanges and local payment processes, the transaction only takes an additional 1 minute 58 seconds; bringing the total to 2 minutes.

This is revolutionary in the sense that it reduces a 2 to 3 day transaction to mere 2 minutes and also reduces the cost of the transaction by up to 40 – 70% as reported in the announcement. The financial institutions accomplish this by getting rid of the middlemen who charge exorbitant Forex exchange fees and give unfavorable rates.

With respect to xVia on whether or not it uses XRP, there is a discussion on xrpchat.com that claims that it does. One explanation is that since it is compatible with the XRP ledger, the end user can determine to use XRP on the API based payment solution known as xVia. XRP is used as an intermediary asset and pool of instant liquidity to make the payment cheaper and faster as can be seen in the trials of xRapid earlier mentioned.

In a nutshell, xRapid and xVia do in fact use XRP as a source of instant liquidity and a way to cheapen and quicken the fiat transaction.

Now the biggest question is if the XRP used in both payment solutions comes from the circulating supply or the one in escrow that is released every month. 1 Billion XRP per month is known to be released from escrow. The unused XRP after the monthly release is usually locked back up into the same Escrow. Perhaps the team at Ripple can answer this question.

With respect to the current market performance of XRP, the markets are in the RED. XRP is down 12% and currently trading at $0.71 at the moment of writing this. This is due to the market losing close to $40 Billion in terms of total market capitalization. Bitcoin is also not doing to0 well with the current value of $8,767 and down 6.22%. Perhaps next week will be a better one for the crypto-verse. Keep HODLing!

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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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Blogs

Reasons Why 2019 May Be A Great Year For Crypto

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crypto
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The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.

The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.

With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.

1) Bearish market to loosen its grip

The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…

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3 Coins with the Largest Potential in 2019

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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.

Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.

  1. Bitcoin (BTC)

Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.

One thing that is expected is the approval of Bitcoin ETFs…

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Do or Die: 3 Crypto Projects that Really Need to Deliver Soon

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crypto projects
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.

The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.

However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.

1) Ethereum (ETH)

Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…

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