Ripple CTO David Schwartz clarifies that while XRP Ledger began as a copy of Bitcoin in 2011, it has since evolved and relinquished some of its similarities, addressing flaws and establishing a more sustainable digital asset for payments.
XRP has the potential to revolutionize cross-border payments and has gained partnerships with over 100 financial institutions, while also being utilized for various other projects such as tokenization and decentralized finance.
Prominent cryptocurrency figure Ben Armstrong shares a video update highlighting the importance of XRP, emphasizing its nature, functionality, transaction efficiency, community engagement, diverse use cases, and the clarity of its regulatory status in the US.
Xumm, a native wallet for the XRP Ledger, has partnered with GateHub to expand its payment capabilities, allowing users to transfer value between different payment networks including Bitcoin, Ethereum, and other cryptocurrencies, as well as access to SWIFT and SEPA.
Peersyst Technology, a core developer of the XRP Ledger (XRPL), has announced updates for the XRPL Ethereum Virtual Machine (EVM) sidechain, including compatibility with MetaMask, bringing it closer to its mainnet launch.
The XLS-38D cross-chain bridging primitive for XRP Ledger, which plays a vital role in XRPL sidechains, has undergone a rigorous security audit by Bishop Fox, a top blockchain security firm, in order to ensure user safety and robustness.
Western Union is embracing cryptocurrencies, particularly Ripple's blockchain technology and XRP, as it recognizes the potential of digital money to revolutionize the financial industry.
### Summary
Ripple (XRP) has seen a significant rise in price due to a bullish trend in the cryptocurrency market, positive news about partnerships, and its growing popularity in South Korea. Financial institutions are adopting Ripple's technology for cross-border payments, validating the utility of XRP. However, caution is advised as the market remains highly volatile, and XRP's future performance is uncertain.
XRP is seen as a resource for network capacity consumption on the XRP Ledger (XRPL), according to Wietse Wind, founder of XRPL Labs and Xumm, challenging the notion that it operates as a gas token with auction-style bidding.
Crypto expert Ben Armstrong recommends XRP, Chainlink, and Dogecoin as the top cryptos with potential for significant growth in the market.
Ripple CEO Brad Garlinghouse believes that XRP could become the next Bitcoin if it successfully addresses a multi-trillion-dollar problem and leverages its competitive edge in the regulated traditional finance sector.
