After the intense battle with the SEC, XRP has picked up where it left off. Ripple investors are very keen on the upcoming technology building on the XRP ledger, as they believe this will be of the utmost importance for the blockchain space.
Having stabilized at $0.595, XRP’s steadfast price amid a steady stream of technological triumphs implies the sector anticipates the requisite impetus to propel XRP into its subsequent soaring surge. Technological shockwaves continue rippling throughout the landscape as developers deliver enhanced upgrades, emphasizing XRP’s crucial role in powering the decentralized transactions that may define the future of blockchain.
When looking at the on-chain data, it is observed that the number of ledgers increased well beyond 90 million over a month, even though wild swings were seen in XRP’s price. The ongoing climb in the ledger count (blue line) demonstrates more significant activity and engagement through the use of the XRP Ledger mainnet.
High ledger activity is the result of many transactions on a blockchain — such as xCurrent and the XRP Ledger, coinciding with increased adoption/usage. What it implies is that the blockchain is being used more and more in regular operations, e.g., for payments or smart contracts/asset transfer, which adds pin-points to network robustness as well. This increase in action typically means more attention for users and developers (most of all) and should help to push XRP’s 2024 price prediction higher.
Ripple’s Tech Upgrades:
Batch-Devnet Servers and Batch Transactions
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On August 20th, Ripple Labs launched their new Batch-Devnet Servers, a parallel test network intended to allow experimentation without endangering the main network. This advancement is paramount for keeping up the innovation in the XRPL’s infrastructure stack, pushing it to the forefront among other blockchain networks.
Batch-Devnet Servers are now available as a parallel XRP Ledger Test Network!https://t.co/hHVQBQ4LMZ
— RippleX (@RippleXDev) August 20, 2024
Also, Ripple’s newer feature, “Batch Transactions,” was published on the XRPL. In addition, Ripple’s more recent trait, labeled “Batch Transactions,” was publicized on the XRPL. Performing a single transaction rather than, say, multiple transactions enables the combination of many actions, e.g., minting non-fungible tokens at once, as one smooth process.
This change not only makes transaction handling more efficient for all parties involved but also improves the reliability and predictability of operations on the XRP Ledger. Given that this innovation allows for a broader range of use cases, this can lead to increased interest from people or companies using it as a platform.
These improvements are critical in that they empower the XRP Ledger, further extending its functionality and resilience to support various applications. These features introduced new modernization to the XRPL, discontinuing, which clearly demonstrates Ritzenhoff’s strategy from Ripple’s point of view aimed at ensuring XRPL’s competitiveness in a fast-growing blockchain world.
The Ripple USD (RLUSD) Stablecoin
Ripple’s new dollar-pegged stablecoin RLUSD has started undergoing trials on the XRP Ledger and Ethereum, positioning itself to challenge the fast-growing stablecoin market. Forecasts estimate the $153 billion stable currency market will exponentially expand to $2.8 trillion by 2028, according to survey data.
https://coinmarketcap.com/community/post/339121339/
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This stablecoin represents a logical next step in Ripple’s business model of streamlining cross-border payments and providing liquidity for XRP. Introducing RLUSD is viewed as a breakthrough that could drive greater XRP adoption, particularly as regulations evolve around digital assets. The stablecoin may attract new users who want the stability of the dollar paired with the speed of XRP for transfers.
The increasing activity seen last week suggests that a growing number of individuals and entities are getting on board, recognizing the actual value of XRP for instant, frictionless cross-border payments. Given all these developments, experts envision XRP eclipsing $5 by December 2024. The total number is pushing towards a considerable milestone, and it suggests that XRP continues to grow in both the worlds of digital currencies.
