Ripple’s XRP to Enhance AMM Feature on XRPL in Two Weeks

TL;DR

• A significant amendment to enhance the Automated Market Maker (AMM) feature will be implemented on the XRP Ledger (XRPL) in two weeks.
• Ripple’s XRP has experienced a minor price dip, with a 1% decrease over the last 24 hours and a 7% drop over the past two weeks, despite recent developments.

Activation in Two Weeks

The XRP Ledger (XRPL) team has announced that a major update referred to as fixAMMv1_1 will be enacted within the next 14 days. It received approval to proceed with 28 out of 35 votes in favor.

Amendment fixAMMv1_1 is now in 14 day activation window: https://t.co/acVszQ6P7U pic.twitter.com/XYpyQZnvyz

— XRPScan (@xrpscan) September 10, 2024

This update aims to improve the functionality of the Automated Market Maker (AMM). The AMM allows users to trade assets directly on the XRPL without the involvement of intermediaries. One of the primary objectives of this enhancement is to streamline the trading process and mitigate potential risks for liquidity providers.

Recently, the XRPL has seen several developments. In mid-August, the primary Testnet was reset, temporarily preventing access for developers. This effort was intended to bolster stability and decrease the costs associated with running a Testnet node.

“Reminder: besides this Testnet, XRPL community members are encouraged to create and manage their own testnets to meet various testing and development requirements,” the team emphasized at the time.

Additionally, OpenEden – a fintech company dedicated to merging traditional finance and DeFi – announced that it will introduce tokenized US Treasury bills (T-bills) to the XRP Ledger (XRPL) for the first time. Ripple stated it would create a fund to invest $10 million in these products.

“Institutions are showing increasing interest in tokenizing their real-world assets, and the introduction of T-bills on the XRPL backed by OpenEden solidifies the decentralized Layer 1 blockchain as a leading platform for real-world asset tokenization,” stated Markus Infanger – Senior Vice President at RippleX.

Tokenized T-bills are digitized representations of traditional US Treasury bills that are issued on a blockchain or distributed ledger technology platform. This process involves converting entitlements to financial products into tokens, which can then be traded, held, or transferred to designated addresses.

XRP Price Outlook

Following these announcements, Ripple’s XRP did not respond favorably. It has continued to trade sideways before experiencing a slight retracement in the last hours.

As it stands, it is trading at approximately $0.53, reflecting a 1% decline within 24 hours and a 7% decrease over the last two weeks.

It is important to note that many other prominent cryptocurrencies have also experienced a downturn. Bitcoin (BTC), which reached $58,000 on September 10, is currently valued at around $56,200, while Ethereum (ETH) has fallen below $3,350.