The post Can This XRP Ledger Amendment Push XRP Price To $0.8? appeared on BitcoinEthereumNews.com.

The XRP price is facing a bearish sentiment, losing as much as 2.54% of its gain in 24 hours. According to market data, the coin was trading at $0.4961, with a market capitalization of $28.18 billion. Amid this price fall, market watchers wonder if a recent XRP Ledger (XRPL) amendment hinged on price oracle can trigger a rally for XRP. XRPL Price Oracle and What it Means For context, XRPL’s Oracle pricing amendment went live recently, according to RippleX’s post on X. This new update makes a “Price Oracle” feature part of the XRPL, as defined in the XLS-47 specification. It integrates Band Protocol and DIA, two external oracles currently on the XRP Ledger. – Advertisement – They will also be able to connect and provide price feed data. The XRPL Oracle pricing amendment is expected to store pricing information for developers and users. This information is meant for asset pairs outside of the XRP Ledger. Smart contracts that rely on the XRP Ledger can access and then use this data. A blockchain oracle is usually known for feeding information about the outside world to the blockchain. After storage, this information is then accessible by Decentralized Applications (dApps) that run primarily on the blockchain. Generally, oracles offer a secure means of bringing real-world data onto a blockchain system for smart contract use. The institutional DeFi ecosystem finds this service very useful, which is central to XRPL’s evolution. More importantly, it marks a significant step forward for institutional-grade Decentralized Finance (DeFi). XRPL’s Oracle is built into the network as a protocol-native, not a Layer-2. This service is similar to XRP Ledger’s Automated Market Marker (AMM), which came along earlier this year. It is worth noting that the AMM feature on the XRP Ledger went live in March after months of development. It…

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Filed under: News - @ November 4, 2024 10:19 am