Ripple (XRP) Set to Get Adoption Increase With New Development

Joshua Ramos
ripple xrp
Source: Watcher Guru

The Ripple (XRP) ecosystem is set to have a massive adoption increase with a recently announced development. Indeed, RippleX, the development arm of the firm, has unveiled significant improvements to the XRP Ledger (XRPL). Specifically, in the form ce of a new transaction processing upgrade in specification XLS-68d.

Ripple has been unable to form any sort of momentum in its price over the last several weeks. Throughout 2024 thus far, it has failed to initiate any kind of bull run. However, its recent surge that took place Thursday should be set to benefit from its recent announcement.

Source: Watcher.Guru

Also Read: XRP Price: Is Ripple Inching Towards A 20% Breakout This Week?

RippleX Announces New Development to Boost XRP Adoption

Heading into 2024, Ripple (XRP) was a token that garnered a lot of excitement from investors. Indeed, there was hope that the asset could carry a lot of positive market sentiments to a massive price increase. Especially as the firm behind the cryptocurrency was set to potentially conclude its years-long legal conflict with the US Securities and Exchange Commission (SEC).

Yet, XRP was not entirely able to live up to that height. With that lawsuit not reaching a resolution, the asset has remained steady. However, that may be changing, as a recent Ripple development could be set to rapidly increase XRP adoption.

Specifically, RippleX senior software engineer Myukha Vadari has announced the release of specification XLS-68d. The most important aspect of this new development is the sponsorship of transaction fees and reserves. The implementation of such a feature could have a huge impact on the token’s reach.

Also Read: Ripple: $500M in XRP to Unlock as Traders Fear an Impending Fall

The feature will allow platforms to take on the transaction fees and account reserves for their users. This will streamline the experience that users have with XRP, and help to crate a more sustainable pathway for new market participants.

The delegation of these fees could be massive in attacking blockchain complexity that often hinders new adopters. This feature exists in similar forms on other platforms and should be an important addition to XRPL.

Conversely, XRP has noted a positive performance over the last 24 hours. Specifically, the asset has increased more than 2.31% in 24 hours according to CoinMarketCap. Subsequently, its increase to above $0.52 is a welcomed shift for the asset that has declined more than 12% over the last 30 days.