Ripple‘s native cryptocurrency XRP continues to trade well below the $0.5 threshold amidst ongoing legal disputes with the US Securities and Exchange Commission (SEC). However, a recent update could potentially shake up the market!
New Update in XRP!
XRPL Labs is planning a significant upgrade to the XRP ledger that has caught the attention of cryptocurrency enthusiasts. This upgrade aims to overhaul the overall infrastructure of the XRP ledger, generating anticipation and curiosity within the XRP community. According to a blog post dated September 26 from the leading XRP Web3 wallet, XUMM, this planned revision will not only enhance the infrastructure but also serve as a strategic move to renew the foundation of XRPL and provide an inclusive future for all participants.
The announced update aims to reassess the potential of the XRPL infrastructure. Despite the existing advanced XRPL infrastructure, it frequently encounters issues of flexibility and efficiency. As a result, it fails to motivate infrastructure hosts and achieve profitable results due to the lack of incentives for contributions.
However, XRPL Labs envisions an ecosystem where businesses can scale, individuals can receive rewards for their contributions, and the entire community can develop sustainably. The infrastructure change is expected to bring a more rewarding approach to the infrastructure, leading to enhanced native node connections, real-time transaction processing, and seamless and uninterrupted transactions. It could serve as a versatile solution to common issues.
Will It Affect the Token?
This upgrade will also bring a paradigm shift by enabling developers to rebuild the XRPL cluster software from scratch, rather than depending on third-party hosting sites that only benefit a few participants. Wietse Wind, the founder and CEO of XRPL Labs, commented on the planned infrastructure upgrade, stating:
Undoubtedly, this update is the most monumental upgrade to the XRPL infrastructure since its inception, marking a significant moment in our quest for a healthier and sustainable XRP Ledger.
Furthermore, the code and intellectual property of the new software that will empower XRP will be designed, written, and later donated to the XRPL Foundation as part of the infrastructure transformation. This situation could allow all users, including businesses and individual contributors, to run their private infrastructures and benefit from them.
The introduction of this transformative update in Ripple naturally sparked debates about its impact on the price of XRP. However, according to CoinGecko data, the announcement does not seem to have a significant effect on the price of Ripple’s XRP token, which is currently priced at $0.504691, experiencing a 1.7% decline in the past seven days. This announcement took place in the midst of a long-standing lawsuit filed against Ripple by the SEC, which undoubtedly affects the adoption and development of both XRP and XRPL.
