By sticking to its earlier announcements, Ripple expands upon them. A plan has been devised to introduce Oracle services during the second quarter of 2024. This will probably put it in direct competition with Chainlink as a top rival. It’s interesting to note that the community is excited about other developments as well. AMM, DiD, MPT, and a native lending protocol are few more.
The community may be especially excited about the improvement that involves Oracle integration. In essence, it allows the platform to incorporate actual data from the real world into a blockchain (XRPL in this example). Users will be able to access event data and price feeds thanks to the integration. As a result, it strengthens its position in the DeFi space through improved and efficient price feed integration.
Oracle integration will make Multi-Purpose Tokens, or MPTs, possible. Its introduction, which is crucial to signal the start of flexibility and usefulness for tokenized assets on the blockchain, is scheduled for the third quarter of 2024. Users will be able to expedite the portfolio management process with the introduction of MPTs.
The three functions that AMM, or automated market maker, will assist are improving market efficiency, providing liquidity, and automating trade. A number of significant companies are already using AMM’s capabilities to investigate both financial and non-financial use cases, such as BC.Game and Crossmark.
Updates for AMM go all the way back to when Ripple first announced plans to integrate institutional DeFi building blocks onto the XRP Ledger. In addition, it offered room for exchange, credit, issuance, and value transfer operations. Through AMM, Ripple will have access to protocol-native features, aggregated liquidity, and interaction with limit order books.
DiD, or decentralized identity, has become a ground-breaking idea. DiD is a much-needed innovation that protects user privacy without sacrificing digital identities that can be verified or self-sovereignty. DiD grants its owners total authority. The two companies atop the adoption race are Fractal ID and Heirloom.
Brad Garlinghouse has endorsed this strategy and gone one step further by speculating that the ETF market would see a significant shift if and when the Spot Ether ETF is approved. According to him, it might open the door for more cryptocurrency exchange-traded funds to join the market. Furthermore, he thinks that the Ether ETF might raise the total appraisal to $5 trillion.
XRP, SOL, and ADA are a few of the cryptocurrencies that are waiting in line for their ETFs.
Having said that, XRP has not benefited much from the recent announcement. At the time this article was written, the token had only increased by 0.11% over the previous day. Its value is $0.5188, and there is less likelihood that it will test the $0.6 resistance level in the near future.
