Important announcement from Ripple (XRP) about XRPL

TL;DR

The XRP Ledger (XRPL) will implement a major modification in two weeks to improve its Automatic Market Maker (AMM) feature. Ripple’s XRP has seen a slight decline in price, falling 1% over the past 24 hours and down 7% in two weeks, despite recent updates. Activation in two weeks

The team behind XRP Ledger (XRPL) announced that a major update codenamed fixAMMv1_1 will be implemented in 14 days. It was approved to go ahead after 28 votes in favor (out of 35).

FixAMMv1_1 is now in a 14 day activation window: https://t.co/acVszQ6P7U pic.twitter.com/XYpyQZnvyz

— XRPScan (@xrpscan) September 10, 2024

The change aims to improve the functionality of the Automated Market Maker (AMM) feature. The AMM is a decentralized mechanism that allows users to trade assets directly on the XRPL without relying on third parties. One of the main objectives of the improvement is to make the trading process more efficient and reduce potential risks for liquidity providers.

The XRPL has witnessed several other developments in recent months. In mid-August, their main testnet rebooted and was temporarily unavailable to developers. The effort was aimed at improving stability and reducing the cost of running a Testnet node.

“Reminder: In addition to this testnet, members of the XRPL community are encouraged to create and manage additional testnets to support various testing and development needs,” the team concluded, adding the team at the time.

Prior to this, OpenEden, a fintech company focused on connecting traditional finance and DeFi, revealed that it will release tokenized US Treasury bonds (Treasury bills) on the XRP Ledger (XRPL) and its users for the first time. Ripple said it will create a fund to invest $10 million in the aforementioned products.

“Institutions are increasingly looking at where to tokenize their real-world assets, and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization,” Markus Infanger. – Senior Vice President of RippleX – commented.

Tokenized Treasuries represent digitized traditional US Treasury bonds issued on a blockchain or distributed ledger technology platform. The process involves converting rights to financial products into tokens, which can then be traded, held or transferred to specific addresses.

XRP Price Outlook

Ripple’s XRP did not react positively after the aforementioned announcement. It continued to trade sideways before pulling back slightly in recent hours.

It is currently trading around $0.53, which means a 1% drop on a 24-hour scale and a 7% drop in the last two weeks.

XRP Price, Source: CoinGecko

It is worth noting that other leading cryptocurrencies have also lost momentum. Bitcoin (BTC), which hit $58,000 on September 10, is now worth roughly $56,200, while Ethereum (ETH) fell below $3,350.

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