TL;DR
- XRPL Update: In two weeks, the XRP Ledger (XRPL) will implement a major update to improve its Automated Market Maker (AMM) feature, approved with a consensus of 82.86%.
- XRP Performance: The price of XRP has decreased by 1% over the past 24 hours and by 7% over the past two weeks, currently trading around $0.53.
- Recent Developments: It will also incorporate tokenized US Treasury bonds, and Ripple has created a $10 million fund to invest in these assets.
The XRP Ledger (XRPL) upgrade is just around the corner, with implementation scheduled for two weeks from now.
This update, known as fixAMMv1_1, has been approved with a consensus of 82.86%, obtaining 28 votes in favor out of a total of 35.
Amendment fixAMMv1_1 is now in 14 day activation window: https://t.co/acVszQ6P7U pic.twitter.com/XYpyQZnvyz
— XRPScan (@xrpscan) September 10, 2024
Its main objective is to optimize the Automated Market Maker (AMM) function of the XRPL, a decentralized mechanism that allows the direct exchange of assets without the need for intermediaries.
The upgrade is designed to make the trading process more efficient and reduce the risks associated with providing liquidity, a crucial step in strengthening the platform’s functionality.
Despite this major update, the price of XRP has seen a noticeable drop.
Over the past 24 hours, XRP has decreased by 1% and over the past two weeks, the decline has been 7%, currently standing at around $0.53.
This negative price trend contrasts with the positive potential that could be generated by the improvement in the AMM, reflecting a cool market reaction to recent news.
In other significant developments for the XRPL, the project has seen significant progress in recent months.
In August, the team conducted a restart of its Testnet to improve stability and reduce operating costs.
This temporary reset sought to provide a more robust and cost-effective platform for developers.
Additionally, OpenEden, a fintech company connecting traditional finance with DeFi, announced the introduction of tokenized US Treasury bonds on the XRPL.
This move marks a milestone in the tokenization of real-world assets on this platform, with Ripple creating a $10 million fund to support this initiative.
Future of Ripple XRPL and its Impact
The future of the XRP Ledger looks bright with these updates, although the short-term market reaction has been cautious.
The optimization of the AMM function has the potential to significantly improve liquidity and efficiency in asset exchange within the network.
This could attract more users and improve the overall perception of XRPL in the cryptocurrency ecosystem.
However, XRP’s price performance suggests a need for greater market trust and adoption.
As the XRPL continues to develop and expand with new features and partnerships, long-term success will depend on how these updates translate into tangible benefits for users and how the market responds to these changes.
The introduction of tokenized Treasury bonds is another significant step that positions XRPL as a serious competitor in the real-world asset tokenization space.
While these developments are promising, the actual impact on XRP’s value and market acceptance will be crucial in determining the platform’s future success.
