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XRP’s Remarkable Revival: Hits $0.68 in 3-Month Surge

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In a significant development, XRP, the native cryptocurrency of the XRPLedger, has witnessed a remarkable resurgence in its market value, surging to a 3-month high, reaching a price of over $0.68. This bullish momentum is a notable comeback since August 2nd, and it comes on the heels of XRP’s impressive +23% gain against Bitcoin in just one week. Additionally, wallets holding between 100,000 and 1 billion XRP have now reached their highest level in 2023. This resurgence has piqued the interest of crypto enthusiasts and investors, raising the question of what’s driving the token rally.

The recent surge in the token’s price can be attributed to several key factors. First and foremost, renewed interest in the XRPLedger, which serves as the backbone of the token’s ecosystem, has played a crucial role. The blockchain has been garnering attention for its efficient and scalable blockchain technology, attracting institutional and retail investors alike.

Furthermore, the cryptocurrency market, in general, has been experiencing a resurgence, with Bitcoin and Ethereum also making significant gains. As Bitcoin serves as a benchmark for the entire crypto market, any upward movement in the leading cryptocurrency often has a positive spillover effect on altcoins.

Additionally, the +23% gain against Bitcoin highlights XRP’s relative strength and appeal to traders. Investors seeking diversification in their portfolios are turning to the token, given its potential for significant gains and lower correlation with Bitcoin’s price movements.

Institutional Wallets Embrace XRP’s Potential

The increased holdings in wallets containing 100,000 to 1 billion XRP demonstrate growing confidence in the digital asset among larger investors. These wallets are often associated with institutional players and high-net-worth individuals who view the token as a valuable long-term investment.

However, it’s essential to note that the cryptocurrency market is notoriously volatile. While this recent rally is promising, investors should exercise caution and conduct thorough research before diving into the market. Regulatory uncertainties, market sentiment, and external events can quickly impact the cryptocurrency’s value.

In conclusion, XRP’s resurgence to a 3-month high and its impressive gains against Bitcoin are indicative of a renewed interest in the cryptocurrency and its underlying technology. The blockchain’s efficiency and scalability, combined with the overall bullish sentiment in the cryptocurrency market, have contributed to the token’s recent success.

However, investors should remain cautious and aware of the inherent volatility in the crypto space, keeping a watchful eye on market developments and potential regulatory changes.

XRP Users Rejoice: Xumm and Uphold Offer 48-Hour Fee-Free On-Ramp

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XRP Ledger’s prominent wallet, Xumm, has just made an announcement that will thrill XRP enthusiasts. In a recent tweet, Xumm revealed its partnership with Uphold, promising a remarkable 0% transaction fee promotion for the Topper on-ramp. However, here’s the catch—it’s only available for the next 48 hours in the Pacific Standard Time (PST) zone.

Xumm leaves no room for ambiguity in its message. The collaboration with Uphold will bring forth a unique opportunity for XRP users. From October 30 to 31 (PST), Xumm will host a 0% transaction fee event for Topper transactions. This limited-time offer will enable users to onboard XRP through Topper without incurring fees.

This development follows Xumm’s introduction of Topper by Uphold back in June. The inclusion of this on-ramp option has significantly enriched the Xumm ecosystem by facilitating the purchase of digital assets using credit or debit cards. Notably, American and Canadian Xumm users now have the convenience of buying XRP in their respective native currencies, thanks to the seamless Topper integration.

In another update from Xumm, the wallet provider, they issued an urgent alert to Samsung users, particularly Samsung Galaxy S21 owners, who experienced issues after a recent Samsung operating system update on October 12. The update had disrupted the secure data store of the Xumm Wallet, rendering the app unusable. However, Xumm has assured users that the issue has been addressed. 

According to Wietse Wind, an XRPL developer, Samsung released an update to rectify their prior faulty release, resolving the problem. For users still facing difficulties, updating their device or contacting Xumm support is advised.

XRP Distribution Insights: Top Wallets and Escrow Details

As of October 5, 2023, XRP maintains its position as the fifth-largest digital currency by market capitalization. Recent positive developments, including a judge’s dismissal of the U.S. Securities and Exchange Commission’s interlocutory appeal, have contributed to XRP’s 5.2% appreciation against the U.S. dollar in the past 30 days.

Regarding XRP distribution, data from xrpscan.com reveals a total of 100 billion XRP spread across 4,801,934 active accounts. Of this supply, 99,988,373,201 XRP is accessible, with 41,106,205,320 XRP locked in escrow. The XRP ledger implements various escrow types, with time-based escrow ensuring funds are only released after a predetermined time.

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XRP Users Rejoice: Xumm and Uphold Offer 48-Hour Fee-Free On-Ramp 2

The top ten XRP wallets collectively manage 11.04% of the XRP supply, with the top two being controlled by Ripple. The largest wallet, “rMQ98,” is affiliated with Ripple and holds 1.96 billion XRP, equivalent to 1.96% of the total supply. Ripple’s second-largest wallet, “rKveE,” holds 1.54 billion XRP, representing 1.541% of the total XRP supply. Binance, the world’s leading cryptocurrency exchange, has the third-largest XRP wallet, “rEy8T,” containing 1.47 billion XRP valued at $787 million.

The tenth-largest XRP wallet, “rEvwS,” remains a mystery regarding ownership. Yet, this address holds 653,476,430 XRP, valued at $348.27 million based on prevailing exchange rates. The top 20 XRP wallets collectively control 16.26% of the XRP supply, while the top 50 wallets manage 26.69% of the circulating XRP. In addition, the top 100 holders possess 33.15% of XRP, with 277,000,000 XRP earmarked for use on the Binance network.

While it’s not precisely clear how much XRP Ripple Labs executives Chris Larsen and Brad Garlinghouse hold, it is known that co-founder Jed McCaleb liquidated his XRP holdings in 2022. McCaleb had transferred 9 billion XRP over the years from his “Taco Stand” wallet.

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XRP’s Resurgence: Market Cap Surges Almost 60% YTD Following Landmark SEC Verdict

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The XRP community and investors had reason to celebrate as a historic verdict settled the long-standing Ripple Securities and Exchange Commission (SEC) lawsuit in July, confirming that Ripple’s native token is not a security. This landmark decision injected new life into the ecosystem, propelling the digital asset to close the third quarter of 2023 with remarkable gains.

The quarter-end data, as reported by Messari State of XRP Ledger Q3 2023, paints a picture of a resurgence for XRP. The market capitalization of the token soared by 11.9% in the third quarter, bringing the year-to-date increase to an impressive 59.9%. These gains were further boosted by the positive regulatory verdict, which triggered spikes in the token price.

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The XRP Ledger also witnessed an astounding surge in decentralized exchange (DEX) volume, up by a staggering 390% in the quarter. The increased trading activity closely followed the SEC’s favorable decision.

Looking ahead to the fourth quarter, XRPL is poised for further advancements. Notable developments include the introduction of “Hooks,” a programmability solution, which is now live on the development network and is nearing integration with Xahau Network. Xahau Network, built on Hooks, released its whitepaper in Q3, hinting at potential innovations.

Additionally, XRPL is making strides in the world of DeFi with proposed amendments for Automated Market Makers (AMM) and Clawback functions on the mainnet. The ecosystem also continues its focus on enhancing interoperability with the Ethereum Virtual Machine (EVM) sidechain and the XLS-38d bridge.

XRP’s Strong Position

Regarding financial analysis, Ripple’s native token is currently ranked as the fifth-largest cryptocurrency by market capitalization, with a valuation of $27.8 billion. The circulating market cap surged by 11.9% during the third quarter, erasing any setbacks experienced in the previous quarter.

Unlike other blockchain networks, XRPL’s validators do not receive rewards or transaction fees. Instead, they are incentivized to support decentralization. The network relies on the Proof-of-Association (PoA) consensus algorithm, emphasizing trust between nodes.

The favorable verdict in July prompted a substantial price increase for the token, with its value surging over 70%. Major cryptocurrency exchanges, such as Coinbase and Kraken, swiftly relisted XRP following the decision. The SEC’s motion to appeal was subsequently denied.

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In network analysis, XRPL experienced a decrease in average daily transactions and active addresses in the second quarter. However, the number of accounts continued to rise, and the number of deleted addresses decreased significantly, returning to typical levels. Unique destination tags on XRPL addresses can skew the count of daily active addresses, often due to centralized exchanges.

The ecosystem also introduced changes in transaction types, with Payment transactions leading the way. Other transaction types, such as OfferCreate and TrustSet, experienced declines. Nevertheless, the network continues to build on its strengths and expand its ecosystem to support a wide range of assets and use cases.

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Whale Activity In XRPLedger Declines In 2023, But Key Players Accumulate More XRP

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Santiment, a leading crypto data provider, has shed light on the changing landscape of XRPLedger’s whale activity. Contrary to the trend observed in 2021 and 2022, there has been a noticeable decrease in the engagement of cryptocurrency whales within the XRPLedger network. However, this intriguing development hasn’t deterred key players from accumulating a significant share of the XRP supply.

Wallet addresses holding between 100,000 and 100 million XRP are currently harboring a substantial sum of approximately $7.89 billion in the coins. This figure marks a notable increase from last year’s period when these wallets held roughly $7.16 billion worth of the coin. This data suggests that while active whales may be dwindling, those who remain in the game continue to amass XRP.

The cryptocurrency world’s attention was recently captured by the coin, the digital asset closely associated with Ripple. A surge in the coin’s price was witnessed earlier this month, fueled by a confluence of positive developments. 

Notably, the rejection of the SEC’s appeal by federal judge Analisa Torres served to reinforce her earlier verdict, which declared that Ripple’s sale of XRP did not violate securities laws. This legal victory bolstered the confidence of XRP supporters.

Furthermore, Ripple’s achievement of a full operational license in Singapore has added to the optimism surrounding the cryptocurrency. Although the coin has experienced some retracement and is currently valued at around $0.50, there is a renewed sense of positivity. 

The recent developments indicate that XRP is gaining traction as a preferred option for cross-border payments and settlements in Mexico, which could reignite investor enthusiasm.

Technical Analysis & Price Predictions For XRP

At the time of reporting, the coin is trading at approximately $0.497752 with a 24-hour trading volume of $994 million. Over the last 24 hours, the cryptocurrency has experienced a decline of 3.68%. Regarding market capitalization, it holds the fifth position with a market cap of $26 billion, supported by a circulating supply of 53,387,299,665 XRP coins and a maximum supply capped at 100,000,000,000 coins.

XRP 1D graph coinmarketcap 14

When analyzing the technical aspects of the coin’s price movement, there is a prevailing bearish sentiment in the long term. Experts predict a decrease in the price by approximately $0.00771 over the next seven days, potentially reaching a level of $0.49053 by October 17, 2023. 

In the short term, machine learning algorithms indicate that it is currently experiencing a neutral trend. As such, investors should anticipate a slight uptick soon, although there remains a possibility of a minor downturn in the coming hours.

Related Reading | Ripple’s Major Milestone: Full MPI License Granted By Singapore’s MAS

XRPL Achieves Historic Milestone With Closure Of 83 Millionth Ledger

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In a dazzling display of rapid growth, the XRP Ledger (XRPL) has just achieved a momentous feat by closing its 83 millionth ledger, according to an official post from XRPScan. This remarkable achievement underscores XRPL’s meteoric rise in a remarkably short period.

XRPL, the vibrant, smart contract hub within the Ripple and broader XRP ecosystem has been on an unstoppable trajectory of evolution. It has been setting new benchmarks for adoption, continual upgrades, and the emergence of exciting potential applications on its ledger.

The XRPL has firmly established itself as a primary conduit for XRP enthusiasts to showcase their unwavering support for the coin. It has strategically introduced non-fungible tokens (NFTs) and decentralized finance (DeFi) services to deliver tangible value to its ever-growing community.

XRPL’s Game-Changing Clawback Feature

While XRP holders can already access a wide array of offerings on the XRPL, the platform remains committed to elevating every aspect of its protocol. A significant development is the ongoing voting process for the crucial Clawback feature. This initiative seeks to address the needs of token issuers who bear substantial legal responsibilities within the ecosystem.

Much like Elon Musk’s fervent advocacy for Dogecoin (DOGE) and other Shiba Inu-themed meme coins, Ripple CTO David Schwartz is a staunch proponent of XRPL and its vast potential.

As Ripple Labs strategically pivots towards fostering a well-balanced ecosystem, it emphasizes how the XRP Ledger can facilitate a new era of enhanced decentralized operations across various sectors.

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Source: Tradingview.com

XRP is trading at $0.5231, with a trading volume of $982,929,942 over the last 24 hours. This signifies a 2.06% decrease in price within the day while observing a 4.40% surge over the past week.

The XRPL community has closed its 83 millionth ledger and is now aiming for the next big milestone of 85 million. This constant growth of XRP is expected to be even stronger as its usability and demand continue to increase over time.

In the world of cryptocurrencies, XRPL is undoubtedly a rising star, and its achievements continue to captivate the crypto community, hinting at an even brighter future on the horizon.

Related Reading: | Ripple Triumphs As Court Rejects SEC’s Appeal Bid

XRPL Achieves Astonishing 4000% Increase in Transaction Throughput

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The Ripple-affiliated XRP Ledger or XRPL has achieved a remarkable milestone, catapulting its throughput from a modest 80 XRP payment transactions per second [TPS] to an astounding 3400 sustained transactions per second. This incredible surge represents an extraordinary improvement of over 4000%. This breakthrough was initially observed on the blockchain firm’s website and swiftly garnered attention in the cryptocurrency community.

For those unfamiliar with the term, transactions per second, or TPS, is a metric that measures the number of transactions processed by a blockchain network in a single second. A blockchain network’s TPS depends on various factors, including its consensus algorithm, block size, network latency, and transaction complexity.

Despite the skepticism expressed by numerous experts regarding the sudden surge in XRPL’s throughput, the Ripple engineering team previously shed light on this achievement in a blog post back in July. In their release, the company explained that this accomplishment resulted from an extensive and meticulous testing process conducted in three distinct phases with a strong focus on maintaining network stability and performance.

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Image Credit: https://ripple.com/xrp/

A prominent member of the XRP community, Krippenreiter, acknowledged the existence of three pull requests on GitHub aimed at enhancing throughput and stabilizing the ledger. Two of these requests have been completed and are set to be deployed with Rippled v1.12. However, Krippenreiter pointed out that these figures should be regarded as hypothetical, allowing room for interpretation and further scrutiny.

Ripple CTO’s Conflicting Claims On XRPL TPS

It’s worth noting that the previously advertised 1,500 TPS throughput for the XRP Ledger has been a subject of debate. In April, Ripple’s CTO, David Schwartz, revealed that the team had never witnessed the XRPL handling up to 1,500 TPS live on the mainnet.

Schwartz clarified that since the XRP Ledger’s launch in 2012, they had never observed it reaching up to 1,500 TPS on the live network. However, he acknowledged that the blockchain’s current configuration could support between 300 and 500 transactions per second on a live network.

Furthermore, he suggested that the initial 1,500 TPS figure on the website might have been “poorly worded” and could indicate the XRPL’s capability to consistently handle this level of load. As of now, Schwartz, one of the original architects of the XRP Ledger, has not commented on this latest development.

XRPL To Enable Token Swaps Without Cash, Says Banking Expert

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A seasone­d researcher and banking e­xpert, Dr. Marius Jurgilas, who has worked for the ce­ntral banks of England, Norway, and Lithuania, recently shared a groundbre­aking concept during a webinar hosted by Ripple­. This new idea revolve­s around automated market making (AMM) on the XRP Le­dger (XRPL). 

According to Dr. Jurgilas, AMMs on the XRP Le­dger could revolutionize­ asset exchange by allowing use­rs to trade any tokenized asse­ts without relying on cash or a common medium of exchange. During the webinar, Dr. Jurgilas explained that this technology would enable swaps be­tween various financial and non-financial assets. 

Additionally, Dr. Jurgilas emphasized that such on-chain AMMs would empower use­rs to become active participants in marke­ts rather than mere buye­rs and sellers. Users would have­ the opportunity to act as market makers and liquidity provide­rs, thus opening up new avenue­s for extracting value from tokenize­d assets.

XRPL AMM: A Key Component For Global Tokenization

Dr. Jurgilas highlighted the­ potential of these AMM systems in facilitating the­ adoption of central bank digital currencies (CBDCs) in the­ European Union. He revealed that Ripple is collaborating with a Lithuanian company called SUPER HOW? on a project called Axiology. 

The aim of this project is to utilize­ distributed ledger te­chnology (DLT) for CBDC research and development. The Axiology project falls under the DLT Pilot Regime Re­gulation, an initiative by EU financial authorities to foster innovation and e­xperimentation with DLT in the financial se­ctor.

These AMM systems are expected to play a crucial role in global toke­nization, encompassing financial and non-financial assets. Currently, Ripple­X is testing these AMM designs propose­d in the XLS-30d upgrade within devne­t and testnet environments.  This upgrade will introduce new fe­atures and functions to XRPL, enabling AMM systems’ ope­ration.

Once fully tested and unstable, the XLS-30d upgrade will undergo evaluation by XRPL validators before being activate­d on the mainnet. Additionally, RippleX has incorporated support for these AMM functions into three client programming libraries (xrpl.js, xrpl-py, xrpl4j) as we­ll as the xrpl.org block explorer. Developers and users can use these tools to interact with these AMM systems.

These AMM systems hold the promising potential to re­volutionize value exchange and creation on blockchain platforms. Allowing users to seamle­ssly swap tokenized assets without re­lying on cash or a common medium of exchange, the­se systems open new possibilities for global tokenization.

Related reading | Ripple Fights Back Against SEC Appeal Over XRP Security Status

Palau Taps Ripple’s Expertise To Create The Nation’s First CBDC

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To expand its CBDC capabilities, Ripple, a leading blockchain firm, has collaborated with Palau, a country in the Pacific Islands, to explore its potential for stablecoin usage. The project will involve a limited digital currency [U.S. dollar-backed Palau Stablecoin, PSC] and will operate on the XRP ledger, as confirmed by Jay Hunter Anson, a member of the Ministry of Finance’s board of directors.

Moreover, the Republic of Palau’s Ministry of Finance [MOF] will supervise the system and trigger the issuance and redemption of stablecoin units, while always guaranteeing the 1:1 reserve, the press release stated. Initiated in March with wallet design, the nation’s first stablecoin was minted in July and will run through August, Anson said, with Ripple providing technical assistance and personnel.

About 200 government officials and regional business owners in Palau will participate in the initial phase of the pilot program, which will be implemented in stages.

As part of this controlled stablecoin pilot, the tiny oceanic nation will also leverage the Ripple CBDC platform, an end-to-end solution for central banks to issue their central bank digital currency, as well as the technical resources to make the PSC, a digital representation of Palau’s official currency, the U.S. Dollar.

Ripple’s XRPL Is A Carbon-Neutral Blockchain

The reason for choosing the XRP ledger was that it is a carbon-neutral blockchain that has been used to transact millions of transactions over the past 10 years while enabling privacy and security for the settlement and liquidity of tokenized assets. Speaking on the collaboration, President of the Republic of Palau, Surangel S. Whipps, Jr., stated:

By digitizing our currency, we hope to mobilize our economy and government processes to improve financial transactions and empower our citizens. As a smaller country, Palau has the advantage to be innovative and nimble in releasing our stablecoin.

“We trust in Ripple’s long-standing expertise in CBDCs and blockchain technology, as well as the carbon-neutral XRP Ledger to help create our national digital currency that will offer our citizens greater financial success,” the President added.

The San Francisco-based payment firm has been engaging with Central Banks around the world to better understand their goals and assess how the CBDC private ledger can help achieve them. Besides Palau, the firm has also initiated pilot programs with the Royal Monetary Authority [RMA] of Bhutan. 

XRP Ledger Unleashes Power-Packed Upgrade: Introducing xrpl-py 2.0

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RippleX, the team responsible for the development and support of XRP Ledger, has recently unveiled an exciting upgrade to the XRP Ledger Python library, xrpl-py. In an announcement via Twitter, RippleX introduced the release of xrpl-py 2.0, the latest version of the Python library.

The highlight of xrpl-py 2.0 is the revamped Wallet class, which offers users the flexibility to store their keys in any desired format. This enhancement allows for seamless autofill, signing, and submission of transactions, all within a single function called “submit_and_wait.”

Introducing xrpl-py 2.0: Enhancements & New Features

According to the official blog post, the introduction of xrpl-py version 2.0.0 brings about various improvements and new features, particularly for the Wallet class. 

However, it’s worth noting that this update includes several breaking changes that necessitate modifications to existing code. To ensure a smooth transition, RippleX has provided a migration guide that assists developers in navigating these changes.

The breaking changes encompass simplifications in the signing and submitting functions. One notable modification is the replacement of the send_reliable_submission function with submit_and_wait.

Additionally, function names for submit_transaction and safe_sign_…_transaction have been shortened. 

Furthermore, the parameter order for autofill_and_sign and sign_and_submit functions has been updated to align with submit_and_wait.

The Wallet class has undergone a significant revamp as well. Notable changes include the removal of the sequence field, the adoption of the faster Ed25519 cryptographic algorithm as the default, and the inclusion of various methods for key representation (such as XLS-12 Secret Numbers). 

Seed generation now utilizes hex strings instead of UTF-8 strings, allowing for a broader range of random input possibilities.

Among the other fixes introduced in version 2.0.0, the AccountSetFlags have been split into two separate enums: AccountSetAsfFlags and AccountSetFlags. This division resolves a bug where both types of flags were combined into a single enum. 

Additionally, the sign method has been made synchronous by removing the check_fee parameter, ensuring a more streamlined and efficient process.

The latest version 2.0.0, with its comprehensive improvements and enhancements, marks a significant step forward for developers utilizing XRP Ledger Python library. 

However, RippleX’s commitment to providing a more user-friendly experience and enhanced functionality showcases their dedication to advancing the capabilities of the XRP Ledger ecosystem.

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Peersyst Technology Unveils XRPL’s Extraordinary Advantages & End-User Perks 

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Peersyst Technology, one of the core developers of the XRP Ledger (XRPL) protocol, recently took to Twitter to share some exciting news and perks associated with the protocol for end users. 

According to a series of tweets, the XRP Ledger now integrates with any Ethereum Virtual Machine (EVM) platform. It means that platforms such as Aave, Uniswap, and OpenSea can now support the XRP Ledger with a small integration effort.

In a tweet thread, Peersyst Technology also announced the launch of the new EVM Sidechain developed in collaboration with RippleXDev. They invited users to try out the new network and provided simple steps to start. 

By accessing WitnessBridge, users can create an XRPL account automatically with 990 XRP in just one click. Furthermore, connecting MetaMask to the network will be done automatically if it is not already saved.

The tweet thread further explained that users could request USD on the XRPL network by clicking on the three dots next to their wallet. This action will provide them with 10,000 USD (TEST) for immediate use.

With the new EVM Sidechain, users can now transfer both XRP and USD tokens through WitnessBridge. XRP will be transferred as a native currency on the EVM Sidechain, while USD will be in the form of an ERC-20 token. The selector allows users to choose the currency they want to send.

For users who cannot see their USD tokens, the tweet advised opening MetaMask and navigating to the “Assets” section. By clicking on “Import tokens” and pasting the contract address (0xff0d22c43c43c6d5d6d17a0109e6605ac7b26489) while editing the name, users will have control of their XRP and USD on the EVM Sidechain.

XRPL Network’s Impressive Market Cap & Future Outlook

As of the tweet’s date, the XRPL network ranked as the fourth largest blockchain globally, boasting a market cap of $25,059,164,832. The integration of EVM compatibility raises questions about the network’s future and its growth potential.

Previously, on June 26, the EVM sidechain for the XRP Ledger was made available on the new version of Devnet (v2). This updated version features a decentralized bridge design using the XLS-38d specification and supports transfers of XRP, IOU, and ERC-20 tokens between the XRP Ledger and EVM sidechain in both directions. 

The EVM sidechain utilizes a Proof of Authority (PoA) consensus mechanism, allowing developers to test the new functionality of Devnet v2 and the bridge using all supported token types.

Developed by Peersyst in partnership with Ripple, the EVM sidechain enables faster iteration of projects and applications, leveraging popular smart contract languages like Solidity. 

It also provides access to XRP liquidity and a secure bridge to the XRP Ledger. Developers are encouraged to utilize the new EVM sidechain instead of the original version, which will be available at specific URLs for one more month before being retired.

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