Ripple’s native cryptocurrency, XRP, has been challenging the broad market momentum and making huge gains since last week. Meanwhile, Cardano is making a splash with its big update. Here are the latest developments and price movements for Ripple and Cardano…
Positive development in Ripple and SEC war
XRP has soared its weekly gains by over 62 percent. The latest price action comes as the crypto community awaits a positive outcome in Ripple’s legal battle with the SEC. We reported that Ripple and the US Securities and Exchange Commission have recently submitted their motions for the summary resolution. XRP is now the sixth largest cryptocurrency by market cap. Also, XRP accumulation by whales is reaching new heights. As we reported yesterday as Cryptokoin.com, Santiment data shows that the focus of whales is on XRP.
In December 2020, the US SEC filed a lawsuit against Ripple stating that the sale of XRP at its 2013 ICO was governed by securities law. However, Ripple has defended its position for almost two years, claiming that it has not violated securities laws. While appearing on Fox News on Thursday, Ripple CEO Brad Garlinghouse criticized the institution’s stance, saying, “The SEC does not follow the law in pursuit of an outcome.”
He further stated that Ripple does not have any investment contracts for XRP to qualify as a security. Garlinghouse also touched on the Hinman speech, which the SEC has been blocking for some time. Ripple CEO also talked about recent comments where Jamie Dimon called the crypto market a Ponzi scheme. Garlinghouse said noble people like Jamie Dimon and Warren Buffett have attacked crypto over the past two years. But “we’ve come to a point where the industry hasn’t gone,” he said. We are permanent at this point,” he added.
Huge improvement in Cardano
The latest price hike in ADA has come with the launch of the much-anticipated Vasil hardfork on Cardano. Cardano parent company Input Output Global (IOG) announced that they have successfully implemented the Vasil upgrade on the Cardano mainnet. The recent launch was very important to the Cardano community given some delays over the past few months. ADA, the native cryptocurrency of Cardano Blockchain, started trading at $0.47 in the last 24 hours. It increased 7 percent.
Following the success of the Vasil upgrade, the Cardano team will now focus on building the Hydra protocol, the layer-2 scalability solution. The Hydra protocol will process transactions on the Cardano Blockchain while continuing to use the mainnet as the security and settlement layer. The launch of the Kydra protocol will take place in late 2022 or the first quarter of 2023.
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