Altcoin
Ripple XRP Ledger to Unlock New Layer-1 Features for NFTs, AMMs, DEXs
As the Korean Blockchain Week kickstarts, blockchain startup Ripple takes the opportunity to make some major announcements in regards to improving the crypto infrastructure thereby pushing for blockchain institutional adoption. The blockchain startup announced that smart contracts would soon be coming to the XRP ledger mainnet which will unlock new features on Layer 1 for NFTs, AMMs, and decentralized exchanges (DEXs).
Ripple to Brings Smart Contracts to XRP Ledger
The blockchain firm seeks to bring key improvements to network programmability with the introduction of native smart contracts to the XRP Ledger Mainnet. Furthermore, it is also planning to introduce the XRPL EVM Sidechain in the coming months.
These two developments will complement each other to build a versatile and robust ecosystem thereby supporting a wide range of applications. Furthermore, XRPL is also going to be home to Ripple’s RLUSD stablecoin.
The introduction of smart contracts will introduce new Layer-1 features such as NFTs, Escrows, DEXs, AMMs, as well as authorized trustlines payment channels. Also, with its high speed and low cost, the XRP Ledger could be home to everything from traditional finance to innovative applications. Amid the strong growth of the XRP Ledger, Ripple is expanding bank partnerships recently.
Current smart contract standards, like XRPL Labs’ Hooks, provide a crucial foundation to further improve Mainnet capabilities. The Ripple blog post notes:
“The upcoming smart contract functionality will offer additional flexibility for these developers by enabling permissionless development in a way that complements the functionality of amendments”.
Key Partnerships In AI and Metaverse
On Monday, September 2, Ripple announced its partnership with AI and Metaverse technology firm Futureverse in order to integrate Ripple Custody to securely store its digital assets. Using its proprietary Ottó blockchain, Futureverse will offer secure and compliant Know Your Customer (KYC) verification in order to access decentralized finance (DeFi).
Futureverse will utilize Ripple Custody in order to ensure the safe receipt and storage of cryptocurrencies before minting on the Ottó blockchain. The crypto custody market is likely to grow to $10 trillion in size and the blockchain startup is eyeing to get a key share of it. Jeffrey McDonald, Founder of Ottó Blockchain said:
“The integration of Ripple Custody is driven by industry-leading security features and capabilities that bolster the security of our customers’ digital assets. Our long-standing relationship with Ripple, along with their industry-leading product features, made Ripple Custody the ideal solution as we continue to build in the AI and metaverse technology space.”
Ripple CEO Brad Garlinghouse also appreciated the development adding that the blockchain will continue to find more robust use cases in the future.
With new programmability in the works for the XRP Ledger (something the XRP community has rightly been asking for) and the growing opportunity for Ripple’s enterprise products to serve crypto-native customers (such as @futureverse using Ripple Custody) – the foundations of crypto… https://t.co/ZLQXl0BcOD
— Brad Garlinghouse (@bgarlinghouse) September 3, 2024
Amid the broader crypto market recovery, the native cryptocurrency XRP is trading 3% up trading at $0.56 as of press time.
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto analyst Dark Defender has again provided a bullish outlook for the XRP price, predicting that the altcoin will be the “one” over Bitcoin and Ethereum. The analyst outlined why he is confident that XRP could soon dominate the leading cryptocurrencies by market cap.
Why The XRP Price Could Dominate Bitcoin & Ethereum
In an X post, Dark Defender outlined reasons why the altcoin is the “One” and why the XRP price will dominate Bitcoin and Ethereum. First, he stated that the altcoin is the only coin with regulatory clarity, considering that Judge Analisa Torres has declared that the altcoin isn’t a security. Moreover, the US SEC has dropped the Ripple lawsuit, which is also bullish for the altcoin.
Secondly, the analyst alluded to the fact that XRP could be included in the Digital Asset stockpile, which US President Donald Trump created through an executive order. He also remarked that ETF approvals are imminent, which also provides a bullish outlook for the altcoin.
Market expert Nate Geraci also recently predicted that XRP ETF approval is only a matter of time. Polymarket data also shows that there is an 87% chance of an approval this year.
Meanwhile, Dark Defender stated that Ripple stablecoins are coming including ones that will be pegged to other currencies, just like the RLUSD. In line with this, the analyst asserted that it was not Bitcoin and it has never been ETH but instead XRP.
In another X post, Dark Defender stated that XRP has formed a great bullish rectangle pattern. Based on this, he asserted that this consolidation will be over very soon and that the next leg will welcome new all-time highs. His accompanying chart showed that the altcoin could rally to $11 when this consolidation period is over.
Bear Case For The Altcoin
Amid this bullish outlook for the XRP price, legendary trader Peter Brandt has raised the possibility of the altcoin dropping to as low as $1.07. He revealed that the crypto is forming a textbook head-and-shoulder pattern. The trader added that XRP is now range bound.
Above $3, Brandt stated that he would not want to be short while below $1.9, he would not want to own the altcoin. He further remarked that the bearish pattern projects a decline to $1.07.
However, other crypto analysts such as Javon Marks are still bullish on the altcoin. Marks recently suggested that the XRP price could witness a 570% surge as price and RSI break out to the upside.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency exchange Binance has released the results of its Vote to List program and is set to begin spot trading of selected tokens. The quartet with the most votes includes MUBARAK, BROCCOLI, TUT, and BANANA, memecoins with thriving ecosystems.
Binance Releases Vote To List Results
Binance has released the official results of its Vote To List program, disclosing plans to list four projects. Per the announcement, the selected projects garnered the highest number of votes and scaled Binance’s due diligence.
The quartet includes CZ’s Dog (BROCCOLI), Banana For Scale (BANANA), Tutorial (TUT), and Mubarak (MUBARAK). Going forward, selected cryptocurrencies will be moved from Binance Alpha to the Spot Market.
MUBARAK received the highest number of votes with 8,251 valid votes with Binance stating that the four tokens will be marked with seed tag. Binance applies seed tags to high-risk tokens as a measure of protection for users.
Apart from the votes, Binance says a final decision to list the tokens hinged on historical token performance, risk assessment, and organic voting patterns. While CreatorBid (BID) came second in the voting, it appears the project was excluded based on further evaluation.
Binance excluded Pi Network from the Vote to List initiative, limiting eligible projects to the BNB Smart Chain Network.
Memecoins Are Having A Field Day
The selected tokens in the Vote to List program are all memecoins with pundits predicting the rise of the tokens. Despite the soaring enthusiasm, a cross-section of users has expressed displeasure at the choice of tokens to be listed.
Critics say the selected memecoins do not have the same cult following as memecoins from 2021. They argue that the memecoins are mere random words mentioned by thought leaders in the cryptoverse. However, Ark Invest’s Cathie Woods says memecoins will lose value in the near future after the hype cycle wanes.
“Short-term volume gets them listed and then they wonder why the hype dies in a few weeks and retailers start talking bad about memes,” said one critic.
In other exchange news, Binance has released an update on six tokens, reducing their collateral ratios under portfolio margin.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Moein Haddadian, a TradingView crypto analyst, has unveiled a new Dogecoin price prediction, suggesting that a breakout is on the horizon. The analyst highlights key resistance levels that must be cleared before the popular meme coin experiences a price recovery above the $0.3 threshold.
Dogecoin Price Faces Resistance On Path To Recovery
Dogecoin has been struggling to regain its upward momentum after trading within a clear downtrend for months now. However, the meme coin’s recent price action suggests that its current momentum may be shifting from bearish to bullish.
According to Haddadian’s Dogecoin chart analysis, the meme coin recently broke above a descending trendline, signaling that sellers may be losing control. The analyst highlights the $0.25 price point as a critical resistance level for DOGE, indicating that a confirmed breakout above this point is crucial for bulls to establish dominance and solidify a bullish trend.
If bulls manage to push the price beyond the resistance level and sustain the breakout, Haddadian expects DOGE to rise toward its next target of $0.30 – $0.334. This price level aligns with a previous supply/resistance zone, highlighted by the larger grey area in the analyst’s price chart.
While an upside breakout for DOGE remains a possibility, the TradingView analyst reveals that this predicted rally can only occur if certain conditions are met. Dogecoin’s $0.16 support level plays an important role in its current bullish structure and its ability to reach the $0.334 target.
Haddadian explains that if the meme coin fails to hold above the support level, the projected bullish scenario could be invalidated, and its price may decline further toward $0.122 or $0.113. Based on the analyst‘s chart, the ideal setup for a sustained recovery for Dogecoin would be to experience a brief consolidation above $0.205 before a breakout rally.
Once Dogecoin crosses its previous resistance level between $0.30 and $0.334, Haddadian predicts that the meme coin could skyrocket to a price high of $0.484. On the flip side, a breakdown below the support level at $0.113 could push Dogecoin’s price as low as $0.08, completely canceling the analyst’s bullish outlook.
DOGE To Enter New Bullish Phase
Crypto analyst Ali Martinez has shared a price chart featuring a SuperTrend indicator, which suggests that DOGE is about to enter its next bullish phase. The grey-shaded area on the chart represents the SuperTrend resistance zone at $0.21, which Dogecoin has remained below throughout its downtrend.
With its price currently sitting at $0.19, Martinez predicts that a breakout and close above the $0.21 resistance could turn Dogecoin’s price action bullish. On the downside, failure to break this key level could lead to a continued bearish or sideways movement.
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
HyperLiquid Responds to JELLY Crisis Amid Community Backlash
Bitcoin Bet Grows Bigger: The Blockchain Group Snaps Up 580 BTC
Analyst Reveals Why The XRP Price Will Dominate Bitcoin & Ethereum
Onyxcoin (XCN) Nears Oversold After a 30% Monthly Drop
Binance Announces Vote To List Results, Set To List MUBARAK, BROCCOLI, TUT, BANANA
Binance To List MUBARAK, BROCCOLI, BANANAS31, and Tutorial
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market24 hours agoMantra (OM) Price Risks Further Drop as Death Cross Nears
-
Altcoin24 hours agoCrypto Price Today: BTC, ETH, SOL, XRP, SHIB, DOGE, LINK, PEPE, ADA
-
Market23 hours agoTop 3 Base Altcoins to Watch Closely This Week
-
Market22 hours agoBitcoin Price Finds Support—But Can It Power Through $90K?
-
Altcoin18 hours agoShiba Inu Price Eyes 2x Gains As SHIB Burn Rate Shoots 60,000%
-
Market21 hours agoPi Network Price Falls Further Below $1 Amid High Sell-Off
-
Market20 hours agoEthereum Price Consolidates After Pullback—Is a Fresh Move Coming?
-
Altcoin20 hours agoDogecoin Price Eyes 10x Breakout After Elon Musk Ghibli Anime
✓ Share: