HomeNewsRipple Moves to Address XRPLedger Glitch as XRP Price Hovers Below $0.65

Ripple Moves to Address XRPLedger Glitch as XRP Price Hovers Below $0.65

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A recent issue with the Automated Market Maker (AMM) feature of the XRPL (XRP Ledger) affected liquidity providers as well as traders in the XRP community.

This problem was identified by Ripple and XRPL participants like RippleX, Orchestra Finance, and Tequ. It concerned the complex process of moving liquidity from the payment mechanism known as the decentralized exchange (DEX) to the AMM pools and conventional order books.

Swift Solution from Ripple Engineers Awaits Community Approval

The technical team at Ripple promptly created a workaround for this bug. However, the XRPL community has not yet approved this cure, and network validators must agree before it can be put into action.

To effectively halt this passive revenue stream until a solution is found, Ripple has advised caution in the interim, advising players to hold off on funneling funds into the AMM pools and reclaim whatever LP tokens they may have.

In addition to this technological maze, Ripple is engaged in a protracted legal dispute with the SEC about the legitimacy of its XRP offerings to institutional investors.

The SEC’s demand for a massive $2 billion in fines against Ripple highlights the legal challenges and regulatory ambiguity confronting the crypto business as a whole, as previously highlighted by ETHNews. For a deeper dive into these developments, you can check out this YouTube video.

Technical Analysis and Prospects for the XRP Market

Since July 2023, the market dynamics for XRP have demonstrated a cautious trading pattern below the crucial $0.75 resistance level, which is indicative of these difficulties.

With Ripple’s ongoing legal and technical issues, the XRP/USDT pair has shown tenacity, bouncing back each time it approaches the $0.4743 support, suggesting that the market is in a wait-and-see attitude.

Source: TradingView

Experts think that if XRP breaks through the $0.75 barrier, it might gain positive momentum and move toward $0.86. But cautious trading is necessary given the indecisive nature of the market right now and the crucial liquidity threshold below $0.63.

A verified ascent above the Fair Value Gap, which is located between $0.7527 and $0.7609, may indicate a strong rally and provide investors and XRP fans with hope during these tumultuous times.

Meanwhile, looking at the performance of the XRP coin, its price has dropped by more than 4% in the last 24 hours to $0.6162, bringing its market capitalization to $33.82 billion.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628