Ripple just published a very helpful post on Insights, their web page for blog posts. The article describes how xRapid works, but interestingly enough, it doesn't use the label 'xRapid.' Instead, the author consistently chose to use the synonym 'On-Demand Liquidity,' which is also how the website location of the prior xRapid content was rebranded at some point.
It's one of those marketing changes that probably has a convincing reason; and it is definitely xRapid that the article describes.
Regardless of the label for the software solution, the paper does an excellent job of describing how xRapid works, and answers some of the questions that are most frequently asked about the process.
The concept of how XRP saves money via its use as a bridge asset is described using a concept diagram:
