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Ripple’s Chief Technology Officer and co-creator of XRP, cerebral David Swartz, has highlighted one major reason xRapid is a big boom for XRP, saying “Every xRapid payment that succeeds involves a sale of fiat for XRP and then a purchase of fiat with XRP on one of the crypto exchanges.”
David made this disclosure while explaining the importance of xRapid to crypto enthusiasts who needed more insight on the instant XRP-dependent remittance tool.
He responded to a questioner who asked if transactions on xRapid will increase the total volume published on xrpcharts/XRPL, saying “Yes. Unless the exchanges had some off-ledger way to move XRP between them. To my knowledge, no exchange currently does anything like this. I would like to see them using XRPL payment channels to speed those transfers up.”
Every xRapid payment that succeeds involves a sale of fiat for XRP and then a purchase of fiat with XRP on one of the crypto exchanges that partners with us.
— David Schwartz (@JoelKatz) January 10, 2019
David Schwartz has been the brain behind Ripple’s Interledger branded as Interledger Protocol (ILP). The programmer was praised by Forbes recently for his relentless efforts in seeing that XRP becomes a much demanded cryptocurrency across the globe.
Ripple’s XRP Leads Ethereum (ETH)
XRP has been ahead of Ethereum for some days now. At the time of writing this article, the digital currency is leading ETH by over 500 million USD in the market.
Before, XRP led ETH for over a month until the latter increased drastically to seat in the second position.
With the increasing number of clients on xRapid, there is hope that the digital currency will become the future of cryptocurrency.
Observers have posited that XRP has the potential of toppling Bitcoin to become the king of cryptos. While this may not happen any time soon, when XRP becomes a government supported digital currency, there is hope it will take over BTC.
Now, there are nothing less than 12 clients using xRapid for cross-border remittance. Among them is SendFriend, which just announced it is launching this Q1 2019. The platform has deployed xRapid to achieve remittance between Philippine and the U.S.