- Ripple plans to launch Oracles in the second quarter of 2024, positioning itself as a strong competitor to Chainlink in the oracle space.
- The introduction of these Oracles could push XRP prices to new all-time highs.
In line with the recent CNF update, Ripple is taking a significant lead in real-world asset (RWA) integration, with XRP prices outperforming Chainlink. This positions Ripple as a critical platform for the trillion-dollar RWA tokenization market.
Blockchain expert Collin Brown highlighted in a recent tweet that Ripple’s possible public listing could cause a substantial rise in the price of XRP.
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According to Ripple’s May 29, 2024 update, the planned release of Oracles in Q2 2024 aims to improve the functionality of the XRPL smart contract by improving data accuracy and timeliness.
This development is part of Ripple’s strategy to challenge Chainlink’s dominance in the oracle space and boost XRPL’s appeal in the rapidly evolving DeFi sector by catering to institutional needs.
- Oracles launching in Q2 2024: Set to improve the functionality of smart contracts by integrating real-world data, this launch will position Ripple to compete with Chainlink, potentially improving the utility and market value of XRP.
- HeAutomated Market Maker (AMM) is now underway: The AMM boosts liquidity and market efficiency on XRPL, supporting DeFi activities with better prices and lower slippage, essential for the expansion of financial services on the blockchain.
- TheDecentralized Identifiers (DiD) are put to the vote: DiDs aim to revolutionize XRPL identity verification by enabling a secure, verifiable and self-sovereign digital identity system, crucial for regulatory compliance in institutional DeFi.
- Multipurpose Token (MPT) Q3 Amendment Proposal): Scheduled for the third quarter, this proposal aims to improve the usability of tokens in various applications.
- Loan protocolXRPL native (technical design proposal): Development of a lending protocol focused on security, compliance and scalability continues, with the goal of expanding financial services on XRPL.
Looking ahead, Ripple aims to introduce a multi-purpose token (MPT) in the third quarter to improve the usability of the token and is also developing a native XRPL lending protocol to expand financial services, emphasizing security, compliance and scalability.
Can it push XRP price to a new high?
As Ripple enhances XRPL with Oracles, the potential impact on XRP market dynamics is significant. These new features could propel XRP to new all-time highs due to its increased utility and adoption.
Currently, Ripple (XRP) is trading at $0.5165experiencing a slight decrease in 0.46% on the last day and a decrease in 3.12% in the last week. For more detailed information, see the following chart.
