- Oracles equivalent to Band Protocol and DIA improve the DeFi capabilities of XRP Ledger.
- Ripple’s focus contains institutional adoption, interoperability and the launch of a USD-backed stablecoin.
Following the earlier CNF replace on Ripple President, XRPL highlights EVM Sidechain within the Q2 report, the quarterly XRP Markets Report revealed by Ripple offers transparency and common updates on the state of crypto markets, related market developments of the earlier quarter.
Following Ripple’s official tweet, it was additional highlighted that the Q2 ’24 XRP Markets Report highlights the continued volatility within the total crypto markets throughout the quarter.
The Q2 ’24 https://t.co/UTL5NQSWHk
— Ripple (@Ripple) August 2, 2024
Nonetheless, institutional adoption remained a key focus, pushed by the tokenization of real-world belongings (RWA) and main regulatory milestones, together with the implementation of the Markets in Crypto-Property (MiCA) rules.
As detailed within the report, the XRP Spot Alternate Quantity chart exhibits that traded volumes remained excessive all through the primary half of the quarter. Binance continued to account for a good portion of this quantity, whereas contributions from different exchanges, notably Bybit and Upbit, diverse. Within the second half of the second quarter, buying and selling volumes on the most important exchanges remained persistently excessive.
Chart of XRP Spot Alternate Quantity (Supply: Q2 2024 XRP Markets Report)
A number of developments have been highlighted on the XRP Ledger, together with the mixing of Axelar for improved interoperability, the introduction of Oracles for institutional DeFi functions, and the upcoming Multi-Objective Token (MPT) commonplace for tokenizing varied belongings. Ripple additionally introduced plans to launch a stablecoin, Ripple USD, which shall be backed by US greenback deposits and different money equivalents.
General, regardless of the value of XRP in keeping with Coin Market Cap information at the moment $0.472 with a drop 15.11% up to now day and 22.30% Over the previous week, it seems that Oracle’s XRP Ledger is boosting DeFi, and Band Protocol and DIA are offering dependable information feeds for Ripple.