Ripple’s XRP saw a sharp spike of 4% today. It is gaining ground on Ethereum as the world’s second-biggest cryptocurrency by market capitalization.
The chief executive of Ripple, Brad Garlinghouse, told Bloomberg, that the value of any digital asset must be “based on its ability to solve problems“. Also, Ripple has been consistent in its ability to solve cross-border payments.
Tie-up with SWIFT or replace it?
Garlington addressed several issues, including the speculation whether it was going to tie up with SWIFT. SWIFT is owned by the world’s biggest banks. He stated that the technologies banks use to transact are antiquated and never really developed. He stressed the need for markets to constantly evolve in order to survive.
“The technologies that banks use today that SWIFT developed decades ago really hasn’t evolved or kept up with the market. What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”
He also bashed the original crypto-coin, Bitcoin, by saying that Ripple’s XRP was a thousand times faster and cheaper.
The XRP was priced $0.52, having increased by 4%, at the time of writing.
Huge gains as Japan largest bank uses Ripple
Last week, Japan’s Mitsubishi UFJ Financial Group (MUFG), announced that they will be using Ripple’s technology to handle cross-border payments with Brazil’s Banco Bradesco.
According to MUFG, “the new payment system will assist the banks as they work toward commercializing a high-speed, transparent and traceable cross-border payments solution between Japan and Brazil.”
xCurrent – the popular product of Ripple
xCurrent is Ripple’s most popular product and helps banks to settle international transactions by using blockchain to confirm transactions in real-time. Earlier this year, the company released xRapid, a similar system that uses the XRP tradable token directly.
The XRP prices soared after the xRapid announcement in September. Traders and investors bet that increased adoption from the financial services sector would mean greater demand for the token.
XRP is a digital asset for payments. XRP is the heartbeat of Ripple.