- 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.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz
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
TON Foundation appoints new CEO after $400M investment: Will Toncoin price reach $5 in 2025?
The TON Foundation has named Maximilian Crown as its new Chief Executive Officer following a wave of strategic restructuring. Crown joins TON amid heightened focus on scaling blockchain adoption via Telegram’s vast user base.
SEC postpones decision on several crypto ETF filings after Paul Atkins assumes leadership
The SEC released several documents on Thursday stating that it is delaying its decision on crypto exchange-traded fund filings from Grayscale, Bitwise and Canary Capital as it seeks more time to conclude whether or not to approve the applications.
Ondo Finance hits $3B market cap as CEO Nathan Allman meets SEC to discuss tokenized US securities
Ondo Finance met with officials of the SEC and the law firm Davis Polk to discuss the regulation of tokenized US securities. Topics included registration requirements, broker-dealer rules and proposed compliant models for tokenized securities issuance.
Tron DAO announces $70B USDT supply: Here's how TRX price could react
TRON’s USDT circulation just surpassed $70 billion, signaling rising network utility as TRX price approaches a technically significant breakout. On Wednesday, TRON DAO confirmed that the circulating supply of Tether (USDT) on its blockchain has surpassed $70 billion.
Bitcoin Weekly Forecast: BTC holds steady, Fed warns of tariffs’ impact, as Gold hits new highs
Bitcoin price consolidates above $84,000 on Friday, a short-term support that has gained significance this week. The world's largest cryptocurrency by market capitalization continued to weather storms caused by US President Donald Trump's incessant trade war with China after pausing reciprocal tariffs for 90 days on April 9 for other countries.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.