From late September to early January, XRP saw an astonishing 1,300 percent increase in value, blowing away the gains of rival virtual currencies Bitcoin and Ether and turning its executives into paper billionaires. One rationale for buying XRP is that unlike Bitcoin, the token has one narrowly defined but clearly useful purpose: to help banks move cash from point A to point B faster and more cheaply, especially across borders.
The problem is that banks say they have no interest in using XRP. Current and former executives at seven global banks—some of whom have partnered with Ripple—say there was scant chance they would ever entrust their corporate clients’ payments to a cryptocurrency. The executives requested anonymity.
