After years of searching the wilderness, Ripple Inc. appears to have come to terms with the market demands and is set to make their products user friendly and less cumbersome. Christened the “Convergence”, the move will see all its software products packaged into one making it to sell to the banks and other financial outfits.
Early March, the Ripple CEO, Brad Garlinghouse stated that the firm has software that is set to revolutionize the global payment gateways. This could have been the first hint towards the unveiling of convergence. If the tool is released into the market, it will be able to sustain the growing number of onboarding banks include the Bank of England and the Central Bank of Saudi.
This could turn out to be what the XRP community has been missing and could end up putting a spike on the coin price. Fr those who are not tech savvy, the three existing products; xCurrent, xRapid and xVia have all sounded Greek and a single package will attract more adoption. Will the new package make the struggling XRP break even in the Market?
Ripple Journey towards Convergence
The new towards a single product has been amplified by Jim Chauncey-Kelly, the director of talent acquisition at Ripple. In a recent statement, the director is quoted as saying:
“Earlier this year, the major focus of the firm was hiring lots of engineering (personnel). This was our most important push because we are developing software called Convergence which will integrate the three products of the firm into ne seamless format.”
However, soon after the information was leaked to the public, the announcement was pulled down only to re-appear on Twitter and other social media channels. This saw one of the XRP community member argued that:
“If the announcement is true, it is a very smart move by the firm. With the convergence product, the blockchain product might attain new heights.”
Meaning of Convergence Entry
Technically, xVia does not need software installation and support since it is a solution API. It is easy to deploy it to integrate it will a cross section of alien networks as a standard payment interface. The other two products; XRapid and xCurrent can work as networks that xVia can ride on to make cross-border payments making the XRP ecosystem the transaction hub.
The introduction of Convergence by combining the three products is envisioned to usher in mass adoption and increase the firms’ product uptake. This will give the products an upper hand and protect the XRP market share from getting cannibalized by the competitor brands like Stellar (XLM) and to some extend Cardano (ADA).
Ripple (XRP) Latest Performance
XRP has been have a good run market in the last few days however, the momentum appears to have eased off in the last 24-hour trading period which has seen the coin slip 1.41% to trade at $0.332117. However, the volumes have been able to hold steady with a total of $292.7 worth of XRP changing hands during the same period.
The Japanese based BitBank exchange appears to be the biggest XRP movers with the Japanese Yen pair popularity on the rise. HitBTC and OKEx also appear to support the con with the XRP/BTC and XRP/USDT pairs being the preferred ones.
Once the Convergence software is rolled out, the Ripple community will have all the reasons to smile as it will strength the XRP position in the market and bring onboard additional investors on top of the over 60 on the platform at press time. This could stabilize the coin price and increase the value as well.