Top 3 XRP Developments You Should Be Aware Of That Could Boost Price
October 26 2023 - 4:45AM
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XRP is currently up over 14% in the last seven days, and some might
argue that the altcoin is simply enjoying the euphoria of a
possible Spot Bitcoin ETF approval, which has seen the crypto
market resurge. However, there are other developments that the XRP
community might need to be aware of, as they could cause the crypto
token to continue to rally. Ripple To See More Liquidity With
Latest Collaboration Blockchain company Ripple recently announced
that it had partnered with Web3 financial platform Uphold. As part
of the partnership agreement, Uphold is expected to provide Ripple
with “enhanced crypto liquidity capabilities” to help facilitate
transactions on its cross-border payments infrastructure more
efficiently. Related Reading: A Chance At Redemption: Analyst
Puts MATIC Price At $1.5 The news is significant for the XRP
community because Ripple uses XRP as a utility token to help
process these cross-border transactions. As such, “enhanced crypto
liquidity” will generally translate to more liquidity in the XRP
ecosystem, which could ultimately cause a further surge in the
token’s price. Xumm Wallet Records Milestone XRP-based
wallet Xumm announced in a post on its X (formerly Twitter)
platform that it had crossed 600,000 active users in the past three
months. The wallet happens to be one of the notable ones on the XRP
Ledger, as it also announced plans to introduce new functionalities
that could see the number of its active users increase
exponentially. In the post, Xumm mentioned that its wallet is
set to become 10x more retail-friendly with the redesign they are
working on. It also plans to integrate AMM and more DEX activity,
which would see the wallet become 10x better. It is believed that
the wallet plans to complete this integration once the AMM goes
live on the XRP Ledger. Meanwhile, the wallet’s use cases
will also increase as Xumm plans to incorporate XRP’s sidechain
Xahua and its ‘Hooks’ feature. These developments are bullish for
XRP as they will undoubtedly increase the token’s utility.
NFTs Are Coming To XRP Ledger Ripple had reportedly been working on
tools and services to accommodate tokenized assets and facilitate
trading of these assets on the XRP Ledger. The company’s efforts
seem to be already paying dividends, as SBI Holdings announced
plans to issue its NFT service “EXPO2025 Digital Wallet NFT,” also
known as ‘Myakoon’ on the XRP Ledger. Related Reading: Massive
Ethereum Whale Transfer Threatens To End ETH Rally, Here’s Why It
is believed that this development could open the door for other NFT
issuers to launch their NFTs on the network. This is also more
significant because of how the tokenized market is projected to
grow massively to $13.6 billion by 2027. As such, XRP has the
potential to be at the heart of the market when this happens.
Token price sitting at $0.56 | Source: XRPUSD on
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