Ripple
Is this the reason behind XRP’s jumping network activity?
Posted:
| Last updated: February 6th, 2024
Journalist
- More users interacted with the XRP Ledger hours after the completion of the XLS-30 AMM testing.
- If the AMM is finally deployed, the XRP DEX volume may increase.
Active addresses on the Ripple [XRP] network climbed to 24,400 on 8 October, according to data from Santiment. Previously, on 7 October, XRP’s active addresses were as low as 13,100. So, the increase means that an additional 10,000+ users decided to interact with the blockchain.
How much are 1,10,100 XRPs worth today?
Like the 24-hour active addresses, Ripple’s development activity rose to 0.342. In fact, the development activity has been rising since 1 October.
In the crypto ecosystem, a developer’s time is an expensive resource. Therefore, a rise in this metric suggests that a project is serious about shipping new features or addressing existing issues. And that was the case with XRP as well.
Source: Santiment
Testing finalized
Interestingly, it seemed that there were grounds for the rise in development activity and XRP active addresses. On 6 October, RippleX, the developer arm of the Ripple network and the XRP Ledger (XRPL), confirmed that the XLS-30 AMM performance testing has been completed.
1/ Extensive performance testing of the XLS-30 #AMM has now been completed.
XLS-30 is a proposed amendment as part of the rippled 1.12.0 upgrade. If adopted, it will bring automated swap, trading, and liquidity provisioning capabilities to the #XRPLedger.https://t.co/Cz1w76uc8c
— RippleX (@RippleXDev) October 6, 2023
XLS-30’s journey began around July with the blockchain proposing to add extra features to the XRP Ledger. As a result of the proposition, the developers finally agreed to build the XLS-30 to enable liquidity provision, trading, and automated swap on the XRPL.
For some, this means that the XRPL was transitioning into becoming a full-fledged DeFi protocol.
After smart contracts audit firm Certik found no major issues and resolved 35 minor challenges with the XLS-30, RippleX decided that it was time for performance testing.
RippleX mentioned that,
“To complement a secure codebase, the RippleX team has conducted ongoing performance testing of the core XRP Ledger for over a year. A rigorous methodology has been employed to assess the ledger’s and consensus’s performance and latency to ensure the health of XRPL MainNet.”
While the development arm concluded that the XRPL was equipped to integrate the XLS-30, it also encouraged developers to review the testing report. This was because it is necessary to ensure that the project is in great condition before final deployment.
Expect a change in XRP volume?
Meanwhile, the volume of XRP on Decentralized Exchanges (DEX) was down to 116 at the time of writing. The DEX volume is the total amount of cryptocurrency trading on a DEX within a certain period.
Read Ripple’s [XRP] Price Prediction 2023-2024
Compared with previous days, the volume was a notable drop, implying how traders have avoided speculating around XRP. But with the forthcoming XLS-30 AMM, it is likely for the DEX volume to change since there would be more access to liquidity and increased swapping options.
Source: Santiment
At press time, XRP exchanged hands at $0.52, and like the rest of the crypto market, it had no significant gains in the last 24 hours.
