XRP gains as Ripple Army states the need for DAO and criticizes the payment remittance firm
|- XRP Army, community members, and validators debate the need for a DAO for governance on XRP Ledger on X.
- Ripple noted a 25% increase in active addresses in the first two days of September as market participants show interest in altcoin.
- XRP gains over 1.30% on Monday, steadies above $0.55 at the time of writing.
Ripple (XRP) Army constitutes of community members that hold the token and entities that run validator nodes for the altcoin. The community members are currently debating on X the benefits of a Decentralized Autonomous Organization (DAO) on the XRP Ledger.
DAOs typically put governance in the hands of the community, which further decentralizes the chain.
Daily digest market movers: Ripple Army debates need for DAO, further decentralization
- XRP community member behind the X handle @DarkhorseDNME4 shared thoughts on further decentralizing the XRP Ledger. The validator behind the X handle @Vet_X0 commented and added insights to the questions raised by the XRP Army member.
- Three key issues are being debated: whether there should be a DAO on the XRP Ledger, whether projects building on the Ledger and issuing tokens should pass on the benefits to token holders, and that XRP holders should gain from the actions of the payment remittance firm or the Ledger.
- A DAO is a digital organization that decentralizes decision-making and governance on a chain, and this would take power away from the payment remittance firm and likely make the future of the Ledger more decentralized.
- XRP Army has supported the firm through its lawsuit with the US Securities & Exchange Commission (SEC) and celebrated key milestones like the launch of Automated Market Maker (AMM) on XRP Ledger. However, @DarkhorseDNME4 argues there has been little to no value addition in terms of the token’s price, in a recent tweet on X.
As an XRP holder I'm going to give my absolute truth to you @Ripple @bgarlinghouse @JoelKatz @MonicaLongSF @Vet_X0 for the last 2 years here in X I have highlighted, your bot use, your XRP-0, prisma, Your Net neutral ODL transactions, your reliance on Centralised…
— ĐΛRKHØRSΞ™ (@DarkhorseDNME4) September 1, 2024
As an XRP holder I'm going to give my absolute truth to you @Ripple @bgarlinghouse @JoelKatz @MonicaLongSF @Vet_X0 for the last 2 years here in X I have highlighted, your bot use, your XRP-0, prisma, Your Net neutral ODL transactions, your reliance on Centralised…
— ĐΛRKHØRSΞ™ (@DarkhorseDNME4) September 1, 2024
- On-chain data from crypto intelligence tracker Santiment shows that Ripple has noted nearly 25% spike in active addresses between August 31 and September 2. The first two days of September recorded a spike in address activity, meaning higher participation from the crypto community and likely an increase in interest among traders.
XRP active addresses (24-hour)
Technical analysis: XRP could extend gains and target $0.6217
XRP is in a multi-month downward trend that started with the July 13, 2023, top of $0.9380. Since then, XRPLedger’s native token extended its decline to the July 5 low of $0.3823. At the time of writing, XRP holds steady above the $0.55 area and could extend gains by 12% to a key resistance level at $0.6217.
XRP has tested $0.6217 as resistance several times between April and August. The psychologically important $0.60 level could act as a resistance for the altcoin in its path to $0.6217.
The Relative Strength Index (RSI) reads 44.03, below the neutral level, showing a lack of positive momentum.
XRP/USDT daily chart
A daily candlestick close below Sunday’s low of $0.5434 could invalidate the bullish thesis. In that scenario, XRP could sweep liquidity at the lower boundary of the Fair Value Gap (FVG) between $0.5188 and $0.5785.
Cryptocurrency prices FAQs
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
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