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Ripple (XRP) price has recovered from the weekend’s lowest level of $0.4188, surpassing $0.50 today. This movement has increased optimism in the cryptocurrency, while XRPLedger developers have taken a significant step. Aanchal Malhotre and Vito Tumas proposed a Native Lending Protocol on the Blockchain. This protocol aims to expand Ripple’s DeFi capabilities and will allow users to lend and borrow digital assets directly from the XRPLedger.
What Will Happen if the Proposal is Accepted?
If the proposed protocol is accepted, financial participation, transparency, and efficiency on Ripple’s Blockchain will increase. Liquidity providers will earn interest by depositing tokens like XRP, wBTC, wETH into a Lending Pool. Pool Delegates will manage these pools, attract capital, and provide loans.
Borrowers and Pool Delegates will agree on off-chain credit terms and record them. The protocol will enable fixed-term loans and predetermined conditions for interest accrual, thus bypassing the need for off-chain obligations, risk management, and first-loss capital protection plans in case of default.
XRPLedger could attract developers to create and integrate Decentralized Lending Applications (DApps) on the Blockchain and cater to a wide range of use cases. Ripple’s move into DeFi could increase the adoption of the cryptocurrency and create new opportunities for actors in the XRPLedger ecosystem.
Current State of XRP Price
XRP has recently exhibited critical volatility. Today, after hitting the lowest level of $0.4188 for the first time since May 2023, it has drawn attention by bouncing back above $0.50. The weekend’s decline represented the lowest level for the altcoin in eleven months.
At this point, the $0.50 level has become a key support for XRP. The Altcoin has managed to stay above this level since February 2024. However, in the event of a decline, a support level of $0.4117 is anticipated, and it is predicted that the altcoin may encounter resistance at $0.5310, which is the 50% Fibonacci retracement level of the drop from the April 9 peak of $0.6431.
The Relative Strength Index (RSI) has recovered from below the oversold region, below 30, and rose to 34.13 on Monday. The MACD indicator, with red bars below the neutral line, indicates that the XRP price may have more correction potential.
