ADA and XRP Surge 43.3% and 56.8% Respectively in Past 7 Days

August 17, 2021, 9:45 AM AEST (updated September 04, 2021)

Cardano (ADA) and Ripple (XRP) have made headlines recently for the immense growth they have shown. Coupled with a bull market, news from both has led to impressive surges in price.

Ripple is a technology that acts as a cryptocurrency and a digital network for financial transactions. Being one of the fastest and most scalable digital assets, the technology allows real-time global payments to take place from anywhere in the world.

The RippleNet payment platform acts as a real-time gross settlements (RTGS) system to enable global monetary transactions to occur instantly. XRP is the cryptocurrency native to the XRP Ledger.

At the time of writing, XRP was trading at A$1.74 and had grown 56.8 percent in the previous seven days.

Amid an ongoing battle with the US Securities and Exchange Commission (SEC), Ripple has made headlines as its price continues to surge.  

In the case brought forward by the SEC against Ripple Labs, the company has been asked to submit its Slack messaging history. According to the SEC, the slack messaging will yield critically important information to its case.

Ripple, however, remains steadfast in its defence, insisting that XRP is not a security.  

Ripple Supports NFT Innovation

Earlier this month, Ripple CTO David Schwartz explained why XRP Ledger will be ideally suited to assist in the future growth of NFTs. Although the biggest use case of NFTs is collectibles, he suggests this is “only scratching the surface”.

Schwartz sees a future where NFTs are the foundation of all digital rights management, one in which consumers can, for example, move away from services provided by Kindle and Apple to directly owning the rights to purchased movies or books.

According to Schwartz, XRP Ledger provides a unique combination of low costs, high speed and an efficient payments feature that can streamline NFT creation at scale. He makes specific reference to the ledger’s ability to consistently maintain transaction fees, thereby benefiting both buyer and seller.

Federated sidechains (blockchains that operate alongside other blockchains) may be available for XRP Ledger in coming months, which will open up the possibility of limitless transaction scalability and expanded DeFi capabilities.

GME Remittance Joins RippleNet

South Korean remittance company Global Money Express (GME Remittance) is the latest Korean financial institution and money transfer company to join RippleNet. Through RippleNet, Ripple’s global financial network, GME Remittance has connected to Thai Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capital.

The partnership was established through SBI Ripple Asia and will accelerate scale payments into Thailand for the 184,000 Thai nationals residing in South Korea.

Through partnerships such as this, GME Remittance aims to connect with existing RippleNet customers to expand into additional remittance corridors in the region and globally, including the US and Europe.

We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within one to two weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.

Subash Chandra Poudel, director and COO, GME Remittance

Launch Date Set For Cardano Smart Contracts

Cardano (ADA) has been a frequent flyer in the crypto news sphere since announcing last week it would add smart contract capability to its network. CEO and founder Charles Hoskinson confirmed the Alonzo hard fork would launch on Monday, September 12, and the ADA price has since skyrocketed.

Dubbed the “Ethereum killer” but lacking smart contract capability, the upgrade will soon remove this major drawback. It is part of a multistage upgrade that will allow developers to deploy smart contracts on the Cardano network. This will allow Cardano to incorporate more applications such as DeFi platforms, which would allow for automated crypto lending and trading.

Cardano is a decentralised proof-of-stake blockchain platform that facilitates complex programmable transfers of value in a scalable and secure way. Its stated goal is to allow “changemakers, innovators, and visionaries to bring positive change to the world”.

At the time of writing, ADA was trading at A$2.93 and had grown 43.3 percent in the previous seven days.

By Jana Serfontein, Crypto News Australia Guest Author

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