- XRP Ledger is preparing for an upgrade to introduce a built-in automated market maker trading platform into the ledger.
- Validators are currently voting on XRP Ledger’s Automated Market Maker amendment.
- XRP price nosedived 1% on the day, and declined nearly 10% in the past week.
The XRP Ledger is preparing for an upgrade that will introduce an Automated Market Maker (AMM) into the ledger. This AMM will act as an opportunity for XRP holders to earn on-chain income by becoming liquidity providers.
The altcoin’s validators are currently voting on the proposal and data shows that the consensus is 60%.
Also read: Bitcoin price eyes comeback above $40,000, traders unsure of where BTC is headed next
XRP Ledger gears up for upgrade
The XRP Ledger is preparing for an amendment to its blockchain that will introduce a built-in Automated Market Maker (AMM) trading platform into the ledger. The AMM allows for crypto trading using liquidity pools, in a permissionless manner.
The proposal has gained support from validators, since its introduction. According to Panos Mekras, founder of Anados Finance, 20 validators have approved the XLS-30d amendment. The consensus is 62.86% according to data from XRPScan.
20 UNL validators are now voting Yes on the #XRPL AMM amendment. We are getting closer. https://t.co/2JR5mdf6av pic.twitter.com/MbULZDzSJw
— Panos {X} (@panosmek) January 22, 2024
Voting on the XRP Ledger amendment
AMMs eliminate the need for order books, thereby reducing both the delay and transaction costs. The amendment will offer traders the opportunity to trade with the liquidity pool, thus making liquidity available irrespective of market conditions.
XRP price is $0.51 at the time of writing. The altcoin’s price is down nearly 2% on the day. XRP price declined over 10% in the past week.
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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP crash, wiping $1.17 billion from the market
Bitcoin price trades below $98,000 on Friday after declining more than 6% this week. Ethereum and Ripple followed BTC’s footsteps, closing below their key support and declining 12% and 4.5%, respectively, this week.
Bitcoin's trajectory shows similarities with previous cycles as long-term holders book profits of $2.1 billion
Glassnode's Week on Chain report revealed the similarities between the current Bitcoin uptrend and previous cycles amid changing market conditions. Meanwhile, long-term investors began distributing their tokens at the $100K level.
Crypto Today: Hawkish Fed triggers $400B sell-off as meme coins mirror ETH, SOL price dip
The cryptocurrency sector valuation fell below the $3.5 trillion mark on Thursday, with a 10.7% decline reflecting $390 billion worth of outflows. The crypto market dip has been linked to the US Federal Reserve hinting at a hawkish stance for 2025.
Ethereum Price Forecast: ETH may not sustain recent 10% decline despite panic selling from short-term holders
Ethereum declined below the $3,550 key support level on Thursday following bearish pressure from the Federal Reserve's rate cut decision. However, on-chain analysis shows that the price decline may not last long as long-term holders have stayed quiet despite the bearish sentiment.
Bitcoin: BTC reclaims $100K mark
Bitcoin briefly dipped below $94,000 earlier this week but recovered strongly, stabilizing around the $100,000 mark by Friday. Despite these mixed sentiments this week, institutional demand remained strong, adding $1.72 billion until Thursday.
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.