- Ripple CTO David Schwartz responds to a user query on X and says the XRP Ledger does not have smart-contract functionality yet.
- Ripple plans to roll out smart contracts on its Ledger mainnet by 2025, per a press release.
- XRP erases 3% value on Wednesday, trades at $0.5260 at the time of writing.
Ripple (XRP) has plans to introduce smart contract functionality to its native blockchain, the XRP Ledger. However, as of September 11 the firm has not announced a date for its launch on the mainnet.
XRP trades at $0.5260, down 3% on Wednesday.
Daily digest market movers: Ripple does not have smart contracts on XRP Ledger
- Ripple Chief Technology Officer David Schwartz responded to a query from a crypto trader on X. When asked which smart contracts are rolled out on the XRP Ledger mainnet, Schwartz said none yet. The CTO said that “today XRP Ledger is a fixed-function ledger.”
There are none today. Today, XRPL is a fixed-function ledger.
— David "JoelKatz" Schwartz (@JoelKatz) September 9, 2024
- The payment remittance firm has previously shared plans to introduce smart contract functionality on the mainnet through utility functions like hooks. A press release by Ripple notes that 2025 is the likely timeline for the functionality’s launch.
- This would mark a key milestone as it would boost the Ledger’s functionality and likely drive demand for native token XRP.
Technical analysis: XRP could extend loss by 5%
Ripple is in a downward trend that started following the July 12, 2023 top of $0.9380. The altcoin is in a state of decline and dipped to a low of $0.3832 on July 5, 2024. The altcoin’s price has since recovered somewhat, and XRP trades at $0.5293 at the time of writing.
XRP could suffer a decline of 5% and sweep liquidity at $0.5026, the September 6 low for the altcoin. This marks a key support level for the altcoin that has been respected for over 30 days since August 8.
The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars under the neutral line. XRP price trend has underlying negative momentum, supporting the bearish thesis.
XRP/USDT daily chart
A daily candlestick close above the upper boundary of the Fair Value Gap (FVG) at $0.5785 could invalidate the bearish thesis. XRP could proceed to the psychologically important $0.6000 level once the FVG is filled.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Solana could rally as Breakpoint conference approaches
With ten days to the Solana Breakpoint annual conference, the Solana network is experiencing heightened network activity. According to data from Artemis, Solana witnessed its highest single-day daily active address (DAA) growth on Tuesday after adding over 5.4 million new addresses.
Why Ethereum ETFs are underperforming amid rising ETH exchange reserve
Ethereum is up 1% on Tuesday as ETH exchange-traded funds continue underperforming with another day of outflows. The weak flows in ETH ETFs may be due to their historically weak Q3 performance.
ENS rallies following integration on PayPal
ENS Labs, the team behind the web3 domain naming system Ethereum Name Service, announced today that it has integrated its naming solution into PayPal and Venmo. Users of both platforms can now transfer their cryptocurrency using a domain name instead of a wallet address.
XRP trades at $0.53 but could gain from Ripple stablecoin, analyst claims
Ripple stablecoin prepares for launch in the next few weeks, according to CEO Brad Garlinghouse. RLUSD could benefit XRP through stablecoin gas transaction activity, says analyst. XRP trades at $0.53, corrects slightly on Tuesday.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.