Even though the ripple (XRP) has recently cooled a bit, XRP’s price performance remains one of the strongest in recent months. All this happens under the guise of Ripple Inc. The startup has launched several products that will facilitate and accelerate the execution of cross-border transactions. As a result, the startup enjoys more and more attention. The increasing awareness of Ripple often has positive effects on the XRP course. Today, therefore, we will take a closer look at the recent positive mentions of Ripple at reputable institutions.
Ripple enjoys strong support
It does not matter if you’re an advocate or an opponent of Ripple, one thing you can not deny. And the progress that Ripple has made lately. Not infrequently, these advances have also had a positive impact on the XRP course.
In a tweet of an obviously ripple advocate, the Twitterer with the pseudonym XRP Harvester brought the current mood around Ripple and XRP in a nutshell. He explained that it was hard to ignore Ripple and XRP. At least when you know that Ripple is a topic of conversation in the White House, the Federal Reserve, the IMF and central banks.
Ripple’s involvement in institutions such as the World Bank, the IMF, the White House, the Federal Reserve and other central banks is, for many, evidence of Ripple’s growth. Of course, many XRP investors are also hoping for a positive effect on the XRP price.
Let’s take a look at where the connection between the above-mentioned institutions and ripple is.
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Chris Larsen, the IWF Ripple Inc Link
First and foremost, the co-founder of Ripple Chris Larsen was selected as one of those who discuss with the IMF how Blockchain and other new technologies can be used to streamline some of the activities in the financial landscape.
IMF head Christine Lagarde urged banks to step up and introduce new technologies to help them better serve their customers. Ripple is one of these technologies. She believes that Ripple and similar blockchain companies would help banks cut costs and accelerate transactions worldwide.
The World Bank considers xRapid, whose success correlates with the XRP price
Another international monetary body, the World Bank, recently published an article highlighting Blockchain technology and the efforts of Ripple and others. The World Bank was optimistic about the impact of xRapid. Especially when it comes to improving the ecosystem of global remittances. xRapid was able to score with a fast transaction time and low costs.
The report states:
In 2018, Ripple, a FinTech company, has tested xRapid, a DLT-based solution for cross-border payments, along the very competitive US-Mexico corridor. The financial institutions involved in the pilot project saved 40% -70% of the exchange costs and the average payment terms were just over two minutes. The transfer of funds to xRapid took two to three seconds, with most of the processing time being due to domestic payment slips and the intermediary Digital Asset Exchange.
Overall, the World Bank has been impressed by Ripple’s blockchain solutions and is optimistic that the financial world will benefit.
xRapid is a liquidity solution for banks using XRP from Ripple as the bridge currency developed by Ripple. According to Ripple, xRapid eliminates delays in global payments while dramatically reducing costs, making cross-border payments immediate and cost-effective.
Some of the systems developed by Ripple do not need to use the XRP token, such as the xCurrent and xVia payment systems. XRapid uses the XRP token. Due to this fact, many engagements promise a future positive impact on the XRP course.
Ripple is also not uninteresting for the Fed
Even the US Federal Reserve can even take on one of Ripple Inc.’s three solutions. Apex Bank aims to introduce technologies that would facilitate bank-to-bank processing for faster payments, and Ripple is one of them.
In the report presented to the Fed, Ripple pointed out that it was crucial for the US to explore and introduce new systems. Only then can they maintain their competitive advantage and drive innovation in payments.
Dave Sapenaro, First Vice President and COO of the Fed of St. Louis, believes that not a single body alone could improve the payment system in the US. However, if the Fed works with companies like Ripple, they could achieve great results.
Even the White House is not unfamiliar with Ripple
The influence of Ripple has even made the project the subject of a discussion with the Trump administration. Ripple’s former chief marketing strategist, Cory Johnson, revealed that the White House is currently researching cryptocurrencies and the Trump administration was impressed by the properties of Ripple and its products. Johnson admitted that Ripple is constantly in talks with Washington and is also meeting with regulators and politicians on the best way to regulate crypto space.
If you look at XRP, there is no mining, so XRP is a different kind of animal from the point of view of third-party control or the environment. And in conversations we have had with the government, they seem to understand that and think that might be important.
Ripple’s products have been used by several banks in different parts of the world. Despite the recent restrained XRP course, Ripple is undoubtedly developing real-world applications for its technologies.
What do you think about the partnership between Ripple and the Federal Bank? Will that move the ripple up?