May 24, 2024

In a recent discussion within the XRP community, a Crypto Value Hunter member shared an interesting story. He narrated withdrawing funds from his Uphold account in XRP and sending it to his bank, and surprisingly, the funds arrived instantly.

What caught his attention was that the transaction seemed to be processed by the U.S. Federal Reserve’s instant payment system, FedNow, as indicated in the payment details.

XRP’s Connection with FedNow

The discovery sparked a lot of excitement among community members, who see it as proof of XRP’s fast transaction speeds, especially with FedNow involved. Also, another community member, Chris Gates, chimed in with a similar experience of instant settlement during his transactions. 

Further, a U.S. Navy Veteran, Allan Goode, saw the transaction as an improvement to the usual occurrence in fund transfers. 

A well-known figure in the community, Chad Steingraber, suggested that Ripple Payments is connected to FedNow Service through the Uphold crypto exchange, allowing instant deposits to U.S. bank accounts. 

He also mentioned that XRP is being actively used for domestic transactions, thanks to Uphold’s partnership with Ripple in improving cross-border payment systems. 

When questioned whether FedNow uses XRP for transactions, Steingraber admitted that it doesn’t but pointed out that Uphold relies on XRP due to its partnership with Ripple.

However, some users doubt that FedNow was involved in processing transactions with XRP sent to bank accounts. The case of HighSteppin is a notable instance.

Also, the X user mentioned that despite making multiple transfers from Uphold, he never noticed any indication suggesting FedNow’s role in handling the transactions.

More so, similar concerns have been shared by other community members, who also haven’t seen any mention of FedNow in their payment descriptions.

Notably, FedNow and XRP had some connections before the recent discussion. This is reflected in a partnership between both parties, which saw Ripple’s technology, Interledger Protocol (ILP), become part of the FedNow system.

This partnership strengthened when the Federal Reserve gave Ripple the green light to be among the early adopters in the FedNow pilot program. The move officially integrated Ripple’s technology and XRP into the FedNow payment system.

However, there’s no clear indication that XRP will be directly used in the FedNow Service. Despite some rumors and speculations within the XRP community, key figures like WrathofKahneman have clarified that the Federal Reserve isn’t planning to incorporate XRP into the FedNow infrastructure.

Although the recent happenings have not directly affected the XRP price, the token is making positive moves in the market today. 

This is evident in its slight price growth of 0.34% in the past 24 hours, bringing its value to $0.5915 with a trading volume of over $1.7 billion.


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