In an interview on CNBC, Ripple's Head of Regulatory Relations for Asia-Pacific Sagar Sarbhai said that his company was making great progress with its much-hyped xRapid app, created to revolutionize bank transactions.
The National Commercial Bank, Saudi Arabia's first established bank, has become the latest financial institution to join RippleNet, Ripple's enterprise blockchain network.
The company says that 100+ banks are already using its xCurrent blockchain-based payments tracking system to settle worldwide transactions, and earlier in the year the company provided the technology behind for Santander's One Pay FX consumer-facing cross-border payments app.
xRapid uses XRP to act as a "bridge" between different fiat currencies. The company says the platform, based on distributed ledger technology, is used by banks to message one another, confirming each stage of a cross-border payment in real-time.
Ripple has more than 120 banks that are now using xCurrent for seamless and less costly real-time payments. This process needs pre-funded local currency accounts in order to take place.
Blockchain start-up Ripple could launch a commercial application of its cryptocurrency-focused product "in the next month or so", an executive at the company has told CNBC.
With xRapid, Ripple claims that the method would be quickened by the conversion of U.S. dollars into XRP tokens, then to shift the money overseas and at the other end exchange it into Indian rupees. This is so because the solution makes use of the token for their cheap, cross border instantaneous payment and emblems the general objective of the very existence of Ripple as a company.
This theory puts forth the idea that XRP Whales are aware that xRapid is the Golden Goose that will take XRP to the stratosphere in terms of value.
Sarbhai pointed out that the cryptocurrency and blockchain regulatory environment has seen positive steps recently, with a number of global financial regulators warming up to crypto.
Rather than banks trialling the product, firms such as money transfer giants MoneyGram and Western Union have done so instead. Because of this, many cryptocurrency investors believed XRP was useless.
In fact, Ripple's CEO Brad Garlinghouse commented at the beginning of this year that by 2019, "dozens" of banks will be using xRapid. A couple of years ago the narrative was: blockchain good, crypto bad.
"So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in", the Ripple executive added.
Which, in a nutshell, means that soon, cryptos like Bitcoin and Ethereum will also enjoy the respect and credibility that Ripple XRP enjoys.