In an attention-grabbing event, SBI Holdings’ Japan-based crypto division, SBI VC Trade, recently announced that it is starting node operation as a validator on the XRP Ledger. Starting today, May 10, the layer 1 blockchain (XRPL) remains poised to leverage the services offered by one of Japan’s most prominent crypto firms, further enhancing ecosystem development.

XRPL is a decentralized layer 1 blockchain that supports XRP, a renowned cryptocurrency backed by Ripple Labs. The venture of SBI VC Trade into joining XRPL as a validator primarily involves partaking in tasks such as validating and propagating transactions, maintaining the blockchain ledger, participating in the consensus mechanism (proof of work or proof of stake), and ensuring the security and integrity of the network.

XRPL Glimmers Hope For Future

In an official statement released on May 10, it was brought to attention that SBI VC Trade will now function as a validator and remains poised to enter the list of ‘trusted validators’ (UNL-Unique Node List) on the network. “Our company aims to be a validator that reflects the voices of the XRP holder community in Japan,” SBI VC added.

Gazing in on the future, the company’s statement revealed that if it is successfully registered as a validator with the UNL, it could consider voting decisions in validator voting for new features.

Meanwhile, pro-XRP lawyer Bill Morgan recently took to a post on X, spotlighting this development. The post, stating ‘Really good news,’ has further fueled optimism surrounding XRPL and, thus, XRP’s future.

However, the crypto token appears to be defying broader market trends at press time, trading in the red.

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XRP Price Slips

Although the broader crypto market recovered, with Bitcoin gaining 2.09% to $62,938 and a majority of the altcoins following the upswing, XRP’s price witnessed a downturn. As of writing, XRP’s price has tumbled 0.77% in the past 24 hours and is currently trading at $0.5177.

Further, the Ripple-backed token’s market cap slipped 0.81% to $28.65 billion, followed by a dip of 8.09% in 24-hour trading volume to $970.40 million. Currently, the token’s broader chart illustrates a consolidation phase, with crypto investors keenly awaiting a potential bull run for XRP topping $1 ahead.

Nonetheless, regulatory uncertainties still cloud the token’s future price movements, as the Ripple vs. the U.S. SEC lawsuit continues to take the crypto market by storm. Besides, the abovementioned development has ignited optimism for XRP’s cryptographic venture.

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The post XRP News: SBI Holdings Launches Validator On XRP Ledger, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am