Cross Will Not Be Using Ripple’s xRapid until some Regulatory Requirements Are Met
The South Korean based exchange, Coinone, launched a remittance app that was meant to use Ripple’s technology to enable fast and efficient cross-border payments. On Twitter, a strong XRP fan with the handle ‘XRP veteran’ asked the company if it would be integrating xRapid. In reply to the question, Cross posted:“Hello, cross-border remittance is Cross. The services we offer are not used in line with the guidelines set by the Government of the Republic of Korea. Ripple’s xRapid solution is currently not available because it is a cryptocurrency based solution that depends on the XRP token. Cross uses xCurrent and not xRapid.”
While the company made it clear that it would not be using xRapid at this time, it also stated that it is open to use this technology in the future when the cryptocurrency regulation in Korea changes.
XRP Fans Suggest An Alternative
Multi-hop, a feature that removes the need for bilateral relationships between financial institutions, was pioneered by Siam Commercial Bank of Thailand. So, since XRP is endorsed and legalized in Korea, Coinone might still be able to use the multi-hop feature without using XRP. This method was suggested by XRP community members. One of the XRP enthusiasts with the handle Dr. T said:
“Since they explicitly said that they will be able to use Ripple’s xCurrent, using xRapid with multi-hop without using the XRP token seems like a great alternative. Cross already has the required SCB connection making it possible because Thailand has legalized the XRP token for banking.” Many other members of the XRP community suggested possible ways to use xRapid that would not require breaking any regulations. Cross is yet to respond to these suggestions so it is not clear if the platform will take them into account.
XRP (XRP) Price Analysis
Yesterday, XRP gained more towards the resistance at $0.3850 and almost crossed the $0.4000 line against the USD. It was able to reach a weekly high of $0.3947. This was before the price started correcting downward back to $0.3900 and eventually $0.3800. The price of XRP was able to break below the 50% fib level of the $0.3142 fall to the $0.3947 rise.