Ripple has announced its plans to launch Oracles in the second quarter of 2024, positioning itself as a strong competitor to Chainlink in the oracle space. The introduction of these Oracles has the potential to drive XRP prices to new all-time highs. According to a recent update from CNF, Ripple is leading the integration of real-world assets (RWAs), with XRP prices surpassing those of Chainlink. This positions Ripple as a pivotal platform in the trillion-dollar RWA tokenization market. Collin Brown, a blockchain expert, has highlighted in a recent tweet that Ripple’s potential public listing could lead to a significant rise in the price of XRP. Ripple CEO Brad Garlinghouse has confirmed the company’s interest in going public, but they are likely to carry out their IPO outside of the U.S., as long as Gary Gensler remains Chair of the SEC. Once Ripple goes public, it is expected that the price of XRP will skyrocket.
Ripple’s planned release of Oracles in the second quarter of 2024 aims to enhance the smart contract functionality of XRPL by improving data accuracy and timeliness, according to an update from May 29, 2024. This development is part of Ripple’s strategy to challenge Chainlink’s dominance in the oracle space and increase the appeal of XRPL in the rapidly evolving DeFi sector, catering to institutional needs. The release of Oracles in the second quarter of 2024 will improve smart contract functionality by integrating real-world data, positioning Ripple to compete with Chainlink and potentially enhancing the utility and market value of XRP.
In addition to the release of Oracles, Ripple has also launched an Automated Market Maker (AMM) on XRPL, which improves liquidity and market efficiency, supporting DeFi activities with better pricing and reduced slippage. This is essential for the expansion of financial services on the blockchain. Furthermore, Ripple is currently undergoing voting for the implementation of Decentralized Identifiers (DiD), which aim to revolutionize identity verification on XRPL by enabling a secure, verifiable, self-sovereign digital identity system. This is crucial for regulatory compliance in institutional DeFi. Ripple also has plans to introduce a Multi-Purpose Token (MPT) in the third quarter of 2024 to enhance token usability and is developing an XRPL-native lending protocol focused on security, compliance, and scalability to broaden financial services on XRPL.
As Ripple enhances XRPL with the introduction of Oracles, it is expected to have a significant impact on the market dynamics of XRP. These new features could propel XRP to new all-time highs due to increased utility and adoption. Currently, XRP is trading at $0.5165, experiencing a slight downturn of 0.46% in the past day and a decrease of 3.12% over the past week. For more detailed insights, refer to the chart below.
In conclusion, Ripple’s plans to release Oracles, along with its other developments and initiatives, position it as a strong competitor in the blockchain and cryptocurrency industry. The potential integration of real-world assets, enhanced smart contract functionality, and the introduction of new features and tokens contribute to the appeal and potential growth of XRP.