RippleX devs have unveiled an ambitious proposal that could significantly expand the utility of the XRP Ledger (XRPL). The proposal introduces an XRPL-native lending protocol, offering XRP holders new avenues to earn on the XRPL.
The developers’ proposal on April 11 will introduce an XRPL-native lending protocol that enables peer-to-peer borrowing and lending of crypto assets without intermediaries. This protocol enhances the XRPL’s decentralized finance (DeFi) capabilities, providing users with more opportunities to participate in the DeFi space.
The proposal, submitted by RippleX developers Aanchal Malhotra and Vito Tumas, emphasizes flexibility and reusability. It would allow users to tokenize assets and earn interest by depositing tokens into a lending pool.
Key Specifications of Ripple’s XRPL Lending Protocol
The XRPL-native lending protocol comprises several key specifications, including XLS-64d, XLS-65d, and XLS-66d. XLS-64d enables the association of a single pseudo-account with multiple ledger entries, facilitating the tracking of balances and issuance of tokens.
XLS-65d introduces a new Pool ledger entry representing a single tokenized asset pool, simplifying interaction with minimal ledger entries. Finally, XLS-66d introduces the actual lending protocol, leveraging XLS-65d for managing liquidity provider assets and enabling peer-to-peer borrowing and lending.
The announcement of the XRPL-native lending protocol has generated significant enthusiasm among XRP holders. Following an amendment on April 11, over 820,000 XRP tokens were initially committed to liquidity pools.
However, the latest data reveals a substantial increase, with over 1.8 million XRP tokens currently locked in liquidity pools. This surge in enthusiasm reflects the community’s optimism about the potential of the new lending protocol to enhance the value proposition of the XRP Ledger ecosystem.
David Schwartz’s Endorsem*nt
David Schwartz, Ripple’s CTO and one of the software engineers who built the XRP Ledger, has endorsed the proposed lending protocol. Schwartz shared his approval of the proposal on X, stating that it would add new utility to the XRPL if passed.
Very excited to see the XRP Ledger Native Lending Protocol proposal up for review and feedback – if passed, this could bring new utility to the XRPL. Together with the native DEX, this lending protocol forms a critical pillar in enabling more accessible, efficient, and… https://t.co/jgv4iRuPwR
— David "JoelKatz" Schwartz (@JoelKatz) April 12, 2024
He believes the protocol could help the native decentralized exchange (DEX) become a critical pillar in enabling more accessible, efficient, and transparent financial services. Schwartz’s endorsem*nt underscores the significance of the proposed lending protocol in enhancing the XRPL ecosystem.
Crypto analysts remain optimistic about XRP’s future despite its recent lackluster performance. Some experts predict the cryptocurrency could reach $20 in the next bull market. Matthew Dixon, CEO of Evai, highlighted XRP’s increasing trading volume, which surged by approximately 42% to over $2.1 billion, indicating growing interest in the altcoin.
Armando Pantoja, a prominent crypto figure, has expressed optimism about XRP's future. He believes the asset's true value lies between $8 and $20 and predicts it will reach this range by 2026. The $20 target represents a staggering 3,557.6% increase from its current price.
Crypto analysts expect that at the end of summer 2024, the XRP price will be around $0.617. In November 2024, the XRP cost may drop to a minimum of $0.599. The expected peak value might be $0.635 in November 2024.
Although Levi recommends setting an initial target of $1 per XRP coin, the long-term projection of a 50-fold increase from the current price levels is considered achievable. This optimistic outlook stems from the inefficiencies plaguing traditional financial systems and the advantages that XRP offers as a solution.
Lastly, as per the XRP Price Prediction 2030, XRP's price is forecasted to range between $13.80 and $16.24, making an average of $15.02. This long-term optimistic view hinges on Ripple's increasing global recognition and adoption.
Can XRP price reach $100? While it's theoretically possible for XRP to reach this price, it would require substantial market shifts or a major supply reduction. If the project were to reform significantly to drive value to the XRP token, there is every chance that XRP could soar to new highs.
Long-term XRP price prediction for 2025, 2026, 2027, 2028, 2029 and 2030. Based on the historical price movements of XRP and the BTC halving cycles, the yearly low XRP price prediction for 2025 is estimated at $ 0.328019. Meanwhile, the price of XRP is predicted to reach as high as $ 1.609608 next year.
From a technical perspective, XRP's gains are part of a rebound that started after testing the lower trendline of its multi-year descending triangle pattern. As of May 18, XRP price was eyeing a close below its 200-week (blue) and 50-week (red) exponential moving averages (EMAs) at around $0.525 and $0.550.
XRP's price prediction for 2040 based on the S&P 500 index's historical ROI. Based on the historical growth of the S&P 500, a $1,000 investment in XRP made in 2023 would grow to $6,660 by 2040. In other words, the price of XRP would increase by 560% from $0.381 to $2.514.
XRP could reach $10.4 by 2040 and $59.3 by 2050 if it follows Bitcoin's growth trajectory over the past 3 years. The accuracy of long-term XRP price predictions hinges on the future growth of Ripple protocol users, the resolution of the SEC lawsuit, and Ripple's partnerships in the payments space.
Based on our long-term XRP Coin price forecast, we anticipated that prices could reach a new all-time high this year. By 2040, the maximum price of the XRP Coin is projected to be around $22.199. Our average price forecast for XRP is $21.746 in 2040.
Based on our research, ButtChain, Bonk, Sealana, Bitcoin, Celestia, and Solana stand out as the best cryptos in 2024. ButtChain, in particular, is catching attention with its playful branding, innovative features, and ingenious tokenomics.
Introduction: My name is Tish Haag, I am a excited, delightful, curious, beautiful, agreeable, enchanting, fancy person who loves writing and wants to share my knowledge and understanding with you.
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