Ripple CTO David Schwartz’s statement regarding the AMM change created a critical expectation of change. Accordingly, new moves will change the rules of the game in the XRP Ledger ecosystem. Meanwhile, the SEC is trying to turn the debacle against Ripple into some kind of victory.
Ripple CTO responds to community issues
In a major development in the XRP Ledger (XRPL) ecosystem, Ripple CTO David Schwartz has broken his silence on the ongoing vote to implement an automated market maker (AMM) protocol on Ledger’s decentralized exchange. Schwartz responded to questions and disagreements from the XRP community. He also addressed concerns about the protracted voting process resulting from disagreements between XRPL validators. Schwartz spoke with an XRPL enthusiast who raised three important points for the proposed AMM change. These included ensuring XRP was available on one side of every new Smart AMM, only accepting deposits from accounts with valid/approved DID codes, and enabling both AI and Oracle functions.
However, another validator, Ripple CTO, expressed some significant reservations. These included performance issues such as network instability and the lack of a fix for the online_delete bug. Ever the problem solver, Schwartz suggested a simple fix for the online_delete issue. He also suggested trying dynamic ‘self-tuning’ to improve efficiency.
The core of the change, AMMs, facilitate decentralized exchanges by algorithmically pricing assets. It also eliminates the need for traditional order books. It enables peer-to-peer token trading through liquidity pools secured by smart contracts. Thus, as token reserves increase, the exchange lowers its fees. The AMM amendment stands on the verge of reshaping the XRPL landscape, with 28 out of 35 votes received and a resounding consensus of 60%.
SEC went after Ripple again
The U.S. Securities and Exchange Commission is trying to turn one of its biggest losses into some kind of victory. This is evident in the regulator’s latest filing against Ripple, seeking court intervention over undisclosed document requests. On the other hand, XRP price is trending in a negative direction. The SEC filed a response in court on Tuesday to further support its request to enforce against Ripple. As stated by the regulator, the reason behind this filing was that Ripple had provided two years of audited financial statements and post-complaint Institutional Sales agreements and had responded to a question regarding pre-complaint Institutional Sales.
A request to compel is made when a party believes the other party has not responded adequately. The motion outlines outstanding issues, highlights legal support, and seeks court intervention to compel the opposing party to meet its disclosure obligations. Timeliness and adherence to court rules are essential. This makes the motion a tool to address non-compliance and ensure a fair resolution of the case through the mandatory sharing of relevant information.
Technical view of XRP price
Crypto analyst Aaryamann Shrivastava evaluates the technical picture of XRP. Ripple (XRP) was trading at $0.514 at the time of writing. XRP is still stuck in a downtrend that started at the beginning of the year. During this time, the altcoin lost the $0.600 and $0.550 supports. It is now approaching to tag the $0.500 support.
The altcoin is currently trading at its lowest level in the last three months. Any further decline will see the cryptocurrency drop to $0.476. Meanwhile, the Relative Strength Index (RSI) is not particularly bullish either. Additionally, XRP remains in oversold territory for the first time in five months. Usually this is a sign of a potential reversal. But until broader market cues support this thesis, Rippe (XRP) price will continue to await a recovery rally trigger. If this happens, traders should watch out for the XRP price to rise to $0.540. Because exceeding this resistance level will invalidate the bearish thesis. In this case, it is possible for the Ripple token to rise to $0.551 and beyond.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!