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XRP LEDGER ACTIVATES CRUCIAL PRICE ORACLE AMENDMENT: HERE’S WHY IT MATTERS
▪️The activation of the Price Oracle amendment on the XRP Ledger enhances its DeFi capabilities by integrating off-chain data, crucial for executing accurate smart contracts and expanding decentralized applications.
▪️This update may increase demand for XRP, positioning the XRPL competitively against other blockchain platforms, particularly as Ripple prepares to introduce smart contract support.
The XRP Ledger (XRPL) has activated the highly anticipated Price Oracle amendment, enabling the integration of off-chain data through oracles. This update follows Ripple’s recent positioning to become a competitor to Chainlink, as previously highlighted by CNF. With the release of oracles in Q2 2024 on the XRPL, if it could propel XRP’s price to a new all-time high (ATH).
This key update, announced by XRPL validator Vet, states that the XRP Ledger Price Oracle amendment is now activated. Oracles can bring off-chain data to the XRP Ledger, which is useful for decentralized finance (DeFi) and eventually for smart contract dApps.
The amendment is designed to bolster decentralized finance (DeFi) capabilities on the XRPL by providing external, real-world data for use in smart contracts and financial transactions.
Expanding DeFi Applications with Real-World Data
The Price Oracle amendment allows oracles to connect blockchain-based applications on the XRPL to real-world data, such as cryptocurrency price feeds and live market data. This access is essential for executing accurate smart contracts and broadening DeFi’s scope on the XRPL.
With Ripple’s plan to add smart contract support, the amendment paves the way for more complex financial products and decentralized applications (dApps), significantly advancing XRPL’s DeFi capabilities.
Positive Market Sentiment and Competitive Positioning
Within the XRP community, there is speculation that this update may drive up demand for XRP, as the XRPL’s enhanced functionality could attract more developers and users.
With reliable data integration, the XRPL is well-positioned to compete in the DeFi space, especially alongside platforms like XLM, which added smart contract support in early 2024.
This development underscores the XRPL’s adaptability and innovation, potentially strengthening its long-term market position. At the time of writing, Ripple (XRP) is trading at $0.5347, having surged by 5.08% in the past day and 2.62% in the past week.
@ Newshounds News™
Source: Crypto News Flash
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SENATOR LUMMIS: U.S. IS ‘GOING TO BUILD’ A STRATEGIC BTC RESERVE
Senator Cynthia Lummis reaffirmed plans to create a strategic Bitcoin Reserve in the U.S. just hours after Donald Trump won the presidential election.
Congressional progress on a national strategic Bitcoin reserve could accelerate as The Associated Press, Fox News, and NBC declared Republican candidate Donald Trump the winner of the presidential race. Lummis’ Nov. 6 tweet reminded the public of plans to position America’s $12 billion Bitcoin stockpile as a reserve asset and potential solution to the nation’s rising debt crisis.
The Senator initially revealed her BTC plans at the July Bitcoin 2024 conference in Nashville. Trump announced his intention to shutter state-backed Bitcoin selling at the same event, receiving praise from crypto supporters.
Following the gathering, Lummis unveiled official documents for a Strategic Bitcoin Reserve and submitted the proposal for consideration. Thousands of U.S. citizens signed letters and petitions supporting the idea shortly after.
Republican control of Congress could further push such a bill toward formal legislation. Some 247 pro-crypto candidates won House of Representative seats, according to Stand With Crypto, with several other spots in the Senate up for grabs.
If Trump follows through on his crypto promises and Republicans achieve a legislative trifecta, the U.S. could become the first major world power to recognize Bitcoin as a national reserve asset. As of the time of publication, the U.S. was the largest sovereign owner of Bitcoin, holding 203,239 tokens, according to Arkham.
@ Newshounds News™
Source: Crypto News
Read more: Twitter
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TODAY
Jerome Powell will take the podium as Treasury yields surge, with the Federal Reserve expected to cut rates.
This is like watching poetry in motion.
@ Newshounds News™
Source: Twitter X
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🌱 DO I NEED TO LEARN CRYPTO? WHY? HOW? | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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