XRP climbs above $0.60, Ripple declares successful XRP Ledger testnet reset
- Ripple successfully completed recent improvements in the XRP Ledger testnet.
- The testnet has been reset as of August 20, improving efficiency and reducing the cost of running a testnet node.
- XRP rallies to $0.6053 early on Tuesday, back above key psychological support level.
Ripple (XRP) announced the rest of its XRP Ledger blockchain. The XRP Ledger is a decentralized public blockchain that allows for the transfer of native token XRP, fiat and other digital assets.
XRP Ledger testnet has been reset, this improvement boosts efficiency and reduces the cost of running a node, per Ripple’s official announcement.
Daily digest market movers: Ripple resets XRP Ledger testnet, reduces cost for users
- Ripple announced in an official tweet that the XRPL testnet has been successfully reset as of August 20.
- All the accounts, balances and settings have been deleted and the rest improves the efficiency for Testnet users.
- The recent improvement reduces the cost of running a Testnet node.
The XRPL Testnet has been successfully reset as planned today – all Testnet DEX content, accounts, balances, and settings have been deleted. The reset improves efficiency and reduces the cost of running a Testnet node.
— RippleX (@RippleXDev) August 19, 2024
Stay tuned for updates on long-term Testnet improvements.… https://t.co/6H3wUPUUHv
- XRP traders are watching recent updates and announcements by Ripple, including the recent partnership announcement with SBI Digital Asset Holdings, Ripple USD stablecoin news and developments in the XRP Ledger.
- The payment remittance firm’s stablecoin is awaiting regulatory approval from the Securities & Exchange Commission (SEC) and is not available for trade or purchase at the time of writing.
- Ripple’s XRP Ledger improvements are geared toward boosting its utility and adoption among entities running nodes on the testnet and mainnet.
Technical analysis: XRP back above $0.60
XRP trades above $0.60 on Tuesday. The altcoin is likely to extend gains by 9.17% to $0.66, the 50% Fibonacci retracement level of the drop from the July 13 top at $0.9380 to the July 5 low of $0.3823.
XRP could face resistance at the upper boundary of the Fair Value Gap (FVG) at $0.6217.
XRP/USDT daily chart
XRP could find support between $0.5800 to $0.5900 in the event of a correction.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
