Yesterday Ripple launched their first major commercial product xRapid. Despite this huge milestone, the value of the XRP token went down by 3% at the maximum and currently moved back to a 1% loss. XRP has the third biggest market cap in the crypto universe.
Ripple Labs announced that xRapid is already being used by three banks. One of those banks is Banco Santander, good for a market value of 80 billion dollars. Their mobile application One Pay FX allows for cheap and fast cross-border payments using Ripple’s very own RippleNet.
In xRapid XRP is being used to transfer a certain among of money. If you want to transfer a certain amount of US Dollar to Europe, xRapid will convert this amount to dollars. Then it will be transferred and within minutes changed back into a certain fiat, dollars or euros for example.
Last week Ripple made a impressive run from a price around 27 cents, upwards hitting 76 cents and stabilizing around its current price of 56 dollar cents.