Top 3 XRP Developments You Should Be Aware Of That Could Boost Price

2023-10-26 10:35:21

XRP is currently up over 14% in the last seven days, and some might argue that the altcoin is simply enjoying the euphoria of a possible Spot Bitcoin ETF approval, which has seen the crypto market resurge. However, there are other developments that the XRP community might need to be aware of, as they could cause the crypto token to continue to rally

Ripple To See More Liquidity With Latest Collaboration

Blockchain company Ripple recently announced that it had partnered with Web3 financial platform Uphold. As part of the partnership agreement, Uphold is expected to provide Ripple with “enhanced crypto liquidity capabilities” to help facilitate transactions on its cross-border payments infrastructure more efficiently

The news is significant for the XRP community because Ripple uses XRP as a utility token to help process these cross-border transactions. As such, “enhanced crypto liquidity” will generally translate to more liquidity in the XRP eco, which could ultimately cause a further surge in the token’s price

Xumm Wallet Records Milestone

XRP-based wallet Xumm announced in a post on its X (formerly Twitter) platform that it had crossed 600,000 active users in the past three months. The wallet happens to be one of the notable ones on the XRP Ledger, as it also announced plans to introduce new functionalities that could see the number of its active users increase exponentially

In the post, Xumm mentioned that its wallet is set to become 10x more retail-friendly with the redesign they are working on. It also plans to integrate AMM and more DEX activity, which would see the wallet become 10x better. It is believed that the wallet plans to complete this integration once the AMM goes live on the XRP Ledger

Meanwhile, the wallet’s use cases will also increase as Xumm plans to incorporate XRP’s sidechain Xahua and its ‘Hooks’ feature. These developments are bullish for XRP as they will undoubtedly increase the token’s utility

NFTs Are Coming To XRP Ledger

Ripple had reportedly been working on tools and services to accommodate tokenized assets and facilitate trading of these assets on the XRP Ledger. The company’s efforts seem to be already paying dividends, as SBI Holdings announced plans to issue its NFT service “EXPO2025 Digital Wallet NFT,” also known as ‘Myakoon’ on the XRP Ledger.

It is believed that this development could open the door for other NFT issuers to launch their NFTs on the network. This is also more significant because of how the tokenized market is projected to grow massively to $13.6 billion by 2027. As such, XRP has the potential to be at the heart of the market when this happens

Token price sitting at $0.56 | Source: XRPUSD on Tradingview.com

Featured image from CoinDesk, chart from Tradingview.com

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