"I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production", Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple told CNBC.
If and when that happens, the value of XRP should improve. Ripple says that this number is more than three times the official government aid that has been received a year ago.
It's unlikely that McCaleb is ramping up the sale of his tokens due to the fact that he is under an agreement with Ripple.
Ripple describes its xRapid product as using XRP as "bridge" between currencies, which executives say allows payment providers and banks to process faster cross-border transactions.
Despite the possibilities, only a few blockchains have been deployed in the payment sector and Ripple's technology has been at the heart of adoption in this industry.
Pulling back through the morning, Bitcoin Cash fell to an intraday low $469.7, steering clear of the first major support level at $463.87 before partially recovering late in the day. Asian exchanges dominated headlines; Zaif exchange suffered a $60 million hack and Binance opened beta for its Singapore exchange and announced plans to open 5 - 10 crypto to fiat exchanges by this time next year.
It states that McCaleb, who left Ripple in 2013 and has been the co-founder of rival Stellar since 2014, might be putting pressure on XRP's price with the sale of its tokens. For instance, a bank can process a transaction from U.S. dollars to a currency of choice.
However, as tantalizing as this is, Ripple hasn't disclosed which banks or financial institutions have been testing xRapid.
Ripple have partnered with Bittrex (preferred digital asset exchange for xRapid transactions that move though the U.S.), Mexican exchange Bitso and coins.ph of The Philippines. Among which is Santander and American Express.
Ripple Labs intends xRapid to compete with the Swift Network, which presently is the most common means by which banks transfer large sums of currency across borders. As a result, it becomes easier for users to invest in ripple. According to information disseminated throughout 2018, the cross-border payment system has been a hit with financial institutions around the world.
Sarghai thinks that regulations helped the way the crypto market improved. At one point this summer, it was down more than 90 percent from the high. The price of XRP has cooled off by 26% already as it's now sitting at $0.57, according to Coinmarketcap.
"When there's a sharp rise with one of the major cryptos it makes headlines and grabs people's attention and this could indeed bring some fresh liquidity to the market", said Matthew Newton, a London-based analyst at eToro, a trading platform. He believes that the regulators now saw the benefits of the crypto market.