Ripple CEO predicts widespread bank use of XRP payment solutions

Ripple CEO Brad Garlinghouse has claimed that ‘dozens’ of banks will be using its XRP-based payment solutions by the end of 2019.

Garlinghouse told CNBC: “I’ve publicly stated that by the end of this year I have every confidence that major banks will use xRapid as a liquidity tool… By the end of next year, I would certainly hope that we would see in the order of dozens.”

XRP is the third largest cryptocurrency, valued at $0.68 as of writing. xRapid is a service aimed at financial institutions dealing in emerging markets.

Last week, Garlinghouse claimed that “more rational markets” in the near future would finally allow for other cryptocurrencies to get out from behind Bitcoin – which has been leading the pack since it became the first virtual currency.

“There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies,” he said. “It’s still a nascent industry, the speculation in the market dominates the trading activity.

“There’s going to be a bit of a correction along the way here where a lot of the players in the space that don’t actually solve a real problem are going to get washed out.”