Integrating Smart Contracts into XRP Ledger
Recently, a proposal has been made to introduce programmability to the XRP Ledger (XRPL) using a system called Hooks and a new token named Codii. This initiative, led by Evernode co-founder Scott Chamberlain, aims to enhance the functionality of XRPL by enabling smart contract execution. This development could potentially transform the utility of the XRP Ledger and drive further adoption and innovation within the blockchain community.
However, not everyone views this proposal favorably. Ripple’s Chief Technology Officer, David Schwartz, has expressed skepticism regarding the introduction of a new token like Codii. Schwartz suggests that simplifying the process by burning XRP for transaction fees could be a more efficient approach. This divergence of opinions highlights the ongoing debates within the blockchain space about the best methods to improve and scale existing technologies.
XRP Market Performance and Projections
As of September 29, 2024, XRP is trading at approximately $0.6274. This marks a 2.29% increase over the last 24 hours and a 6.12% gain over the past week. Despite notable sales from Ripple’s treasury, including a sale of 350 million XRP in September, the cryptocurrency has shown resilience. Initial negative reactions to these sales were followed by a recovery, indicating strong market confidence.
Technical indicators also paint a positive picture for XRP. The cryptocurrency is currently trading above its 200-day simple moving average, a key indicator of bullish momentum. Additionally, XRP has experienced 17 green days out of the last 30, underscoring a sustained upward trend. Support levels have been identified at $0.585155, $0.578715, and $0.574999, with resistance levels at $0.595311, $0.599026, and $0.605467.
Looking ahead, analysts predict that XRP could surge to $0.78 by the end of September 2024. Some speculations even suggest that XRP could reach as high as $1 by the end of the year, contingent upon the outcome of the SEC’s decision regarding the Ripple case. The possibility of an SEC appeal, which must be filed by October 6, 2024, could significantly impact XRP’s price.
Network Updates and Ripple’s Future Plans
In parallel with market activities, there have been significant updates to the XRP Ledger. Two major amendments, fixPreviousTxnID and fixEmptyDID, have been implemented to enhance the network’s functionality. These updates are part of the preparations for Ripple’s upcoming stablecoin, RLUSD. Intensive testing of RLUSD is ongoing on both the XRP Ledger and Ethereum network, signaling Ripple’s commitment to expanding its ecosystem.
Ripple’s stablecoin, RLUSD, is expected to bring new dynamics to the market. The introduction of a stablecoin on such a widely used ledger could bolster liquidity and stability, attracting more users and institutional investors. These updates and new initiatives underscore Ripple’s proactive strategy in adapting to market needs and regulatory landscapes.
Overall, the interplay between XRP’s market performance, network updates, and regulatory developments continues to shape the landscape of both the cryptocurrency sector and traditional stock markets. As the situation evolves, stakeholders will be closely monitoring these factors to inform their investment and operational strategies.
