- Ripple successfully completed recent improvements in the XRP Ledger testnet.
- The testnet has been reset as of August 20, improving efficiency and reducing the cost of running a testnet node.
- XRP rallies to $0.6053 early on Tuesday, back above key psychological support level.
Ripple (XRP) announced the rest of its XRP Ledger blockchain. The XRP Ledger is a decentralized public blockchain that allows for the transfer of native token XRP, fiat and other digital assets.
XRP Ledger testnet has been reset, this improvement boosts efficiency and reduces the cost of running a node, per Ripple’s official announcement.
Daily digest market movers: Ripple resets XRP Ledger testnet, reduces cost for users
- Ripple announced in an official tweet that the XRPL testnet has been successfully reset as of August 20.
- All the accounts, balances and settings have been deleted and the rest improves the efficiency for Testnet users.
- The recent improvement reduces the cost of running a Testnet node.
The XRPL Testnet has been successfully reset as planned today – all Testnet DEX content, accounts, balances, and settings have been deleted. The reset improves efficiency and reduces the cost of running a Testnet node.
— RippleX (@RippleXDev) August 19, 2024
Stay tuned for updates on long-term Testnet improvements.… https://t.co/6H3wUPUUHv
- XRP traders are watching recent updates and announcements by Ripple, including the recent partnership announcement with SBI Digital Asset Holdings, Ripple USD stablecoin news and developments in the XRP Ledger.
- The payment remittance firm’s stablecoin is awaiting regulatory approval from the Securities & Exchange Commission (SEC) and is not available for trade or purchase at the time of writing.
- Ripple’s XRP Ledger improvements are geared toward boosting its utility and adoption among entities running nodes on the testnet and mainnet.
Technical analysis: XRP back above $0.60
XRP trades above $0.60 on Tuesday. The altcoin is likely to extend gains by 9.17% to $0.66, the 50% Fibonacci retracement level of the drop from the July 13 top at $0.9380 to the July 5 low of $0.3823.
XRP could face resistance at the upper boundary of the Fair Value Gap (FVG) at $0.6217.
XRP/USDT daily chart
XRP could find support between $0.5800 to $0.5900 in the event of a correction.
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
Bitcoin falls below $94,000 as over $568 million outflows from ETFs
Bitcoin continues to edge down, trading below the $94,000 level on Thursday after falling more than 5% this week. Bitcoin US spot ETFs recorded an outflow of over $568 million on Wednesday, showing signs of decreasing demand.
Altcoins Tron and Toncoin Price Prediction: TRX and TON show signs of weakness
Tron and Toncoin prices extend the decline on Thursday after falling more than 6% this week. TRX and TON face rejection from key levels, suggesting double-digit cash ahead. Traders should be cautious as both altcoins show signs of weakness in momentum indicators.
BNB Price Forecast: Poised for a decline on negative Funding Rate
BNB price hovers around $696.40 on Thursday after declining 4.58% in the previous two days. BNB’s momentum indicators hint for a further decline as its Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bearish signals.
Ripple's XRP eyes recovery following executives' dinner with Donald Trump
Ripple's XRP is up 2% on Wednesday following positive sentiments surrounding its CEO Brad Garlinghouse's recent dinner with incoming US President Donald Trump. If the recent recovery sentiment prevails, XRP could stage a breakout above the upper boundary line of a bullish pennant pattern.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.