Top Ten US Bank Joins Ripple Blockchain RippleNet for Cross-Border Payments

On Tuesday, the third largest cryptocurrency appreciated 23% against the USA dollar, which is connected with some fundamental factors. The XPR average daily trading volume is three times as large as the day before, and now makes up $683 million. Powered by XRP, xRapid is created to facilitate real-time payments for banking payment rails and on-demand liquidity.

Notably, the price of the bank's stock went up after the announcement was made by Ripple.

PNC will be using Ripple's xCurrent system, which utilizes blockchain technology in order to quickly and cheaply process worldwide payments.

Banks will not be the first to test the xRapid product, as payment processors Western Union and Moneygram trialed the xRapid product earlier.

"In 2016 what we did was we piloted with 12 banks".

We do not believe that anything other than rumors and anticipation are driving XRP prices higher today. Efficient domestic rails are crucial for one seamless experience.

"Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies". Of course, the climb was limited by the overarching negative trend of the markets, but this didn't stop XRP moving from a low of $0.255, up to a weekly high of $0.333. Recently, they also partnered with the National Commercial Bank in Saudi Arabia, thus opening up an important payments corridor between the USA and Gulf Countries. With 40 countries now regularly using RippleNet to facilitate remittance payments, Ripple are going to gain notoriety for having a useful, reliable and working technology, one that has the capacity to continue to grow, across the world. Ripple's current product xCurrent is used by participating entities and will be a key stepping stone for current and future participants in the xRapid product.

The token's significant price increase comes shortly after the Ripple company recently revealed (on September 19th) that RippleNet, a decentralized global network of financial institutions and payment providers, is "now active in over 40 countries across 6 continents". With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple has more than 100 customers around the world. This partnership is a good way for Ripple Labs to establish its market in Saudi Arabia and expand, as with the National Commerical Bank, the company expects to access its 5 million users for a potential XRP adoption. Many community members are anxious that the XRP's price will follow "buy the rumor, sell the fact" pattern which will lead to the sell-off once the solution actually goes live. Well, time will show.

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