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The last week was tumultuous for XRP in the crypto markets due to the false news reports indicating that Goldman Sachs was delaying plans for a Bitcoin and Crypto trading counter. The news was announced on September 5, when XRP was valued at $ 0.33. The digital asset would fall to a new low of $ 0.25 three days later. The XRP has regained some value and currently trades at $ 0.28.
It is perhaps with market uncertainty that we have lost 3 major Ripple updates that will be elaborated below.
Ripple-lib Release Version 1.0.0 [19659004] On September 10th, Ripple released the 1.0.0 version of ripple-lib.
Ripple-lib is a high-level JavaScript interface for the XRP ledger. The new version presents a list of changes and improvements to make the library more capable and flexible.
The Ripple team also highlighted the pre-existing bug-bounty program of the company and welcomed the developers to review the code to help identify any problems. The recent version of ripple-lib 1.0.0 was made possible thanks to contributions from the XRP developer community.
RippleNet Progress in Japan and Thailand
On Sept. 12, the Ripple team highlighted how RippleNet was alleviating remittances between Japan and Thailand. Up to 45,000 Thai workers live in Japan and traditional home remittances have resulted in multiple visits to the bank to complete a transaction. There was also the extra time to complete the transaction and the lack of a communication system in the traditional bank transfer.
A number of banks in the region have simplified remittances between the two countries by joining RippleNet. An example is the collaboration between SBI Remit (Japan) and Siam Commercial Bank (Thailand). These banks use RippleNet to set aside almost instant remittances between the two countries.
The Ripple team also investigated the way remittances work between the two banks as follows:
Thai workers can open an online Remi SBI account and link it to a home account on SCB. Once an SBI card is received, they can visit an ATM to make a deposit that is posted in real time on their Thai bank account.
The Saudi Arabia National Commercial Bank joins RippleNet
On September 13, the Ripple team announced that following a pilot test with the Saudi Currency Authority, the Commercial Bank National (BCN) has joined RippleNet. The NCB was the first bank founded in the country and is now one of the largest financial institutions in the region.
The NCB joins other global banks that are members of RippleNet thus allowing the bank to connect to other financial institutions in North America and Asia. This in turn means that remittances to and from Saudi Arabia will be made more efficient through the NCB and RippleNet's global member banks. According to the World Bank, remittances to Saudi Arabia in 2016 were valued at $ 308 million further, giving a better picture of how significant this development is.
In conclusion and as we head towards the weekend, the announcement of Ripple above 3 may have gone unnoticed due to the uncertainty of the market that was evident last week. However, the recent developments highlighted above further demonstrate that the fourth quarter of 2018 will be packed with events for Ripple and XRP.
Disclaimer: this article does not intend to provide financial advice. Any opinion here should be taken as well as it is. Perform your research before investing in one of the many cryptocurrencies available.
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Thai workers can open an online Remi SBI account and link it to a home account on SCB. Once an SBI card is received, they can visit an ATM to make a deposit that is posted in real time on their Thai bank account.
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