XRPL Sets For Major Upgrade May Increase The Price Of XRP

XRPL Sets For Major Upgrade May Increase The Price Of XRP

The price of XRP is about to undergo a massive update on Ripple’s XRP Ledger (XRPL), which might have a significant effect on the entire XRP market. The XRP community is excitedly anticipating the impending upgrade amid a legal dispute with the U.S. Securities and Exchange Commission (SEC) that has kept XRP trading below the $0.5 mark.

The SEC’s regulatory oversight of the cryptocurrency is believed to be responsible for XRP’s sharply fluctuating price performance. The use of federated sidechains is one of the upgrade’s standout features. The sidechains allow programmers to create and distribute smart contracts and decentralized applications (DApps) on the XRPL, increasing its usefulness and drawing in more programmers and users.

The upgrade will also focus on the reward feature of the XRPL infrastructures. This move is expected to encourage and augment the connection to the local node, processing all transactions in real time and encouraging a seamless user experience.

The XRP management also added that the upgrade will also affect the revamping of the XRPL Cluster Software from ground zero – it is better to rely on the third-party hosting website, which benefits very few participants. Wietse Wind, XRPL’s CEO and Founder, has stated that this upgrade is the first of its kind since inception, and it’s a testimony of the company’s pursuit for a more sustainable, stronger XRP Ledger.

Company Lists Features Of The Intended Upgrade, XRP Community Reacts

The upgrade contains changes to the consensus algorithm, which is expected to increase the XRPL’s overall security and functionality. In light of the continuing legal dispute with the SEC, these improvements are especially important for fostering trust inside the network.

The XRP community is excited about this upgrade due to the anticipation surrounding it. Supporters of XRP believe that the new features and enhanced infrastructure will raise the cryptocurrency’s usability and adoption while enhancing the network’s potential. Ripple continues to confront legal issues with the SEC, but the firm and its community are dedicated to developing the XRP ecosystem.

The XRP community, however, is still optimistic that a resolution can be achieved with the SEC, enabling a more stable and predictable regulatory framework for the cryptocurrency. Observation shows that the outcome of the legal dispute will significantly impact XRP’s future trajectory.

High Expectations, As XRP Market Performance Continues To Look Promising

In a blog post by XUMM, a top XRP Web3 wallet, dated September 26th, the scheduled overhaul will go beyond upgrading the infrastructures but focus more on the company’s strategic plans to reorganize the basic operations of the XRPL and also guarantee an interactive future for all prospective users. They also stated that the said update will focus on rearranging the capability of XRPL’s main infrastructures.

While stating reasons the XRPL infrastructures need to be upgraded, ZyCrpto’s Brenda Ngari explained that while the current infrastructures are moderately advanced, they sometimes witness efficiency and flexibility fluctuations. Ngari added that the consequence is the failure to deliver visible results for the host.

The development is currently affecting the XRP’s market movement. According to data from CoinMarketCap, XRPs experienced a total trading volume of $768,686,831 in the last 24 hours. It ranks #5 on the CoinMarketCap platform, with a market capitalization of $26,876,864,513. As of press time, the price of XRP is at 0.504775, with many promising prospects.

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Chad Butler
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Chad Butler

Chad Butler, a renowned name in crypto journalism, excels in translating complex blockchain topics into lucid prose. His astute analyses and timely updates make him a trusted voice in the cryptocurrency landscape. Through his articles, Chad consistently offers readers an informed and insightful perspective on the evolving digital market

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