Ripple (XRP) had a great month in September, adding more than 100% to its price as investors cheered news suggesting the world’s big banks and financial services companies could begin to use the XRP token directly to move money across borders.
That positive sentiment appears to have stalled, however, with the price of ripple, the informal name for the XRP token, failing to move on the latest announcement.
The company behind ripple, Ripple Labs, revealed last night it has signed up three U.S.-based companies to its new xRapid service, allow the cryptocurrency XRP to carry out international transactions in “a matter of minutes.”
The three companies – payment providers MercuryFX and Cuallix as well as cooperative financial firm Catalyst Corporate Credit Union – were announced by Ripple CEO Brad Garlinghouse on stage at Ripple’s Swell conference in San Francisco.
The ripple price has fallen from recent highs of $0.61 since the beginning of the Ripple Swell event yesterday, dropping to $0.58.
A couple of weeks back Sagar Sarbhai, Ripple Lab’s head of regulatory relations for Asia-Pacific and the Middle East, teased xRapid in an interview with CNBC, sending the ripple price sharply higher.
xRapid is designed to work as a bridge between different currencies around the world, allowing payment providers and banks to process faster cross-border transactions. Earlier this year Garlinghouse boasted there would be “dozens” of banks using xRapid by the end of 2019.
XRP is down some 80% from its peak as most major cryptocurrencies readjust after last year’s huge bull run. The ripple price surged to more than $3 last year, up from just $0.006 it began of 2017.
Now at just under $0.60 it has been battling with ethereum for the second biggest market capitalisation in the world of crypto.
Meanwhile, former U.S. president Bill Clinton also took to the stage at the Ripple Swell event to talk up the wonders of blockchain, the technology that allows cryptocurrencies to work as an independent trusted third party.
“The more you develop new technologies like blockchain, the more the disparity of access is going to be felt,” Clinton reportedly told Swell attendees.
The former U.S. leader also warned that, “we could ruin it all by negative identity politics and economic and social policy,” adding, “this whole blockchain deal has the potential it does only because it is applicable across national borders, income groups.”