- XRP Ledger is preparing for an upgrade to introduce a built-in automated market maker trading platform into the ledger.
- Validators are currently voting on XRP Ledger’s Automated Market Maker amendment.
- XRP price nosedived 1% on the day, and declined nearly 10% in the past week.
The XRP Ledger is preparing for an upgrade that will introduce an Automated Market Maker (AMM) into the ledger. This AMM will act as an opportunity for XRP holders to earn on-chain income by becoming liquidity providers.
The altcoin’s validators are currently voting on the proposal and data shows that the consensus is 60%.
Also read: Bitcoin price eyes comeback above $40,000, traders unsure of where BTC is headed next
XRP Ledger gears up for upgrade
The XRP Ledger is preparing for an amendment to its blockchain that will introduce a built-in Automated Market Maker (AMM) trading platform into the ledger. The AMM allows for crypto trading using liquidity pools, in a permissionless manner.
The proposal has gained support from validators, since its introduction. According to Panos Mekras, founder of Anados Finance, 20 validators have approved the XLS-30d amendment. The consensus is 62.86% according to data from XRPScan.
20 UNL validators are now voting Yes on the #XRPL AMM amendment. We are getting closer. https://t.co/2JR5mdf6av pic.twitter.com/MbULZDzSJw
— Panos {X} (@panosmek) January 22, 2024
Voting on the XRP Ledger amendment
AMMs eliminate the need for order books, thereby reducing both the delay and transaction costs. The amendment will offer traders the opportunity to trade with the liquidity pool, thus making liquidity available irrespective of market conditions.
XRP price is $0.51 at the time of writing. The altcoin’s price is down nearly 2% on the day. XRP price declined over 10% in the past week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
FLOKI rallies 9% on Tuesday, proposal to burn over 15.2 billion tokens is in the voting process
FLOKI holders are currently voting on a proposal to burn over 15.24 billion tokens, with 99% of the voters in favor of the event. The meme coin rallied 9% on the day on Binance.
Top 3 meme coins price prediction Dogecoin, Shiba Inu and Bonk: Memes wipe out gains from GameStop rally
Meme coins Dogecoin, Shiba Inu, and Bonk rallied alongside top meme tokens in response to GameStop’s rally on Monday. As legendary trader “Roaring Kitty” resurfaced on X with a series of tweets, meme tokens rallied, piling gains on Monday.
Arbitrum price sets the stage for 30% recovery rally Premium
Arbitrum (ARB) price is showing signals that suggest the downtrend could be coming to an end. If this development is coupled with improving Bitcoin price outlook, then ARB could be due for a quick move to the upside.
XRP climbs above $0.50 as Ripple files motion to seal documents in connection with SEC lawsuit
Securities and Exchange Commission (SEC) lawsuit against Ripple saw an update as the payment remittance firm filed a motion to narrowly seal documents related to the remedies-phase.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.