XRP purchase saw growth of nearly 400% from Wall Street and institutions, says Cory Johnson

In the latest episode of the Ripple Drop, the blockchain firm gave some deep insights on the recent events that took place in the ecosystem. Asheesh Birla, the Senior Vice President of Product at Ripple, explained the different entities that fall under RippleNet, namely, xVia, xCurrent and xRapid.

Regarding xVia, Birla stated that the product allows an individual to use one standard connection to access and reap all the benefits offered by RippleNet. i.e., xCurrent and xRapid. Here, the SVP also claimed that xCurrent would eliminate the requirement for an FTP server and the three-day wait involved in the traditional payment systems. He said:

“They would use xCurrent and they would get rid of the need for the FTP server and the three-day wait to process the files. The magic is where xRapid is available, Mexico for example. They can then add on xRapid and move money on-demand using XRP into Mexico and payout instantly.”

Recently, xRapid was launched for commercial use and the development was announced by the company at the beginning of the month. It is a product that was built by Ripple to move the money from one country to another in a faster and cheaper way. Furthermore, XRP is known to be the prime facilitator of xRapid service to add liquidity into the process.

In the last segment of the video update, Cory Johnson, the Chief Market Strategist for the FinTech company, also spoke a few words on the recent Ripple report of the third quarter of 2018.

Here, Johnson stated that the third quarter saw a big change happening in the ecosystem due to the immense participation by Wall Street. He added:

“The big change was in buying by the Wall Street, the buying by institutions directly from the company. The number was up really big, nearly 400% quarter over quarter. These seem to be the little signs that Wall Street is moving closer and closer towards the adoption of digital assets and we could see that in the third quarter.”

The Q3 report was published recently by Ripple. It conveyed multiple points about the adoption of cryptocurrency, market commentary and escrow activity among others.

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