Ripple removes xrapid and xcurrent from the website
The ripple website has recently removed all mentions of its previous products xRapid, xCurrent and xVia. After years of promising value creation resulting from the use of these systems, Ripple is turning to a new approach.
Ripple unifies products
Ripple now offers a single solution, RippleNet, which combines the features of all previous ripple products. This step potentially extends the use of the XRP Digital Asset as a form of money transfer. All banks that have used the xCurrent product will automatically join RippleNet.
In the past, Ripple has tried to explain the need for the XRP coin in their payment system. The xCurrent Interbank payment network can act as a distributed ledger without the need for XRP. The xRapid system should initiate the introduction of XRP.
XRP, formerly known as Ripple, was either sold for years or distributed to users. Despite the promise that the asset would be useful to banks, the actual need for XRP was called into question. For this reason, Ripple, Inc. decided to rebrand to differentiate itself from the digital coin.
XRP struggles to find a use case
The XRP persisted, reaching record prices over $ 3, but the extremely high supply and lack of actual real use as well as the bear market 2019 pushed the price down to 0, 90 $.
Nevertheless, Ripple has developed a use case for XRP as part of the ecosystem of its recently acquired MoneyGram business. XRP is used in conjunction with on-demand liquidity to facilitate rapid cross-border payments. But the use of XRP remains optional for banks.
Originally it was assumed that XRP could be used to replace old interbank systems. Optimists, based on the potential use of the interbank payments coupon, saw the XRP reach an exorbitant price of 500 $ could rise. But after the markets realized that XRP is not needed to move funds between banks, expectations fell. Ripple remains one of the best-known projects and XRP remains the third largest digital asset by market capitalization.