September 2024 brings a lot of news for XRP. Major advances on the XRP Ledger paint a bright picture when it comes to potential adoption of XRP; a tipping point might be near for XRP and its ecosystem. These 6 ‘events’ jump out as we head into 2025.
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The XRP Ledger (XRPL) continues to make significant advances. The impression we have is that things are accelerating, in a positive way, in September 2024.
There are some headwinds in September of 2024, not limited to XRP:
- Broader uncertainties in the crypto market, including the ongoing SEC case and potential appeals.
- The traditionally weak period for cryptocurrencies during this season adds a layer of complexity.
However, XRPL’s recent advancements showcase its resilience and innovation. Here’s a comprehensive look at the major developments on XRPL this month.
1. Expansion of DeFi Ecosystem
One major advance on the XRP Ledger, particularly important for XRP in September 2024, is the rise in DeFi activity on XRPL.
New projects are launching in areas like decentralized lending and yield farming.
These platforms are designed to leverage XRPL’s low transaction fees and rapid processing capabilities, making DeFi more accessible and efficient.
Several new DeFi projects have recently integrated with XRPL, reflecting the network’s growing appeal in the DeFi space. Coindesk featured several of these advances. The rapid adoption of XRPL’s DeFi capabilities highlights the network’s increasing importance in the decentralized finance ecosystem.
As laid out by Coindesk:
Ripple will soon add Ethereum compatible smart contracts to XRP Ledger. The contracts will exist on a sidechain built on XRPL.
More info on this evolution can be found on xrpl.org.
Here is another interesting case posted by Ripple themselves:
1/ AI & Metaverse tech company @futureverse is partnering with Ripple Custody to securely custody its assets. Futureverse has already adopted the XRPL NFT standard, uses XRP as the gas token on the Root Network and is integrated with the XRPL DEX to supply network liquidity.…
— Ripple (@Ripple) September 3, 2024
2. Integration with Major Financial Institutions
More XRP news for September 2024 comes from integrations with major financial institutions.
These partnerships aim to enhance the efficiency of cross-border payments and remittances, underscoring XRPL’s role in modernizing financial transactions.
Bloomberg reports that several prominent banks have begun using XRPL for cross-border transactions, reflecting growing institutional confidence in the network.
READ – Cross-border payments with crypto (by Ripple.com)
These developments emphasize XRPL’s scalability and efficiency in real-world applications.
3. Launch of New NFTs and Marketplaces
September has seen advancements for NFTs on XRPL, with new marketplaces and digital assets launching.
These new platforms are leveraging XRPL’s capabilities to provide unique opportunities for artists and collectors.
NFT News Today highlights the recent launch of several NFT marketplaces on XRPL, emphasizing how these platforms leverage the network’s low fees and fast transactions to attract a diverse range of NFT projects.
XRPL’s official blog also provides updates on these new NFT initiatives and their impact on the ecosystem.
4. Regulatory Approvals and Partnerships
XRPL has achieved new regulatory approvals in various jurisdictions this month, facilitating smoother compliance and broader adoption.
Additionally, recent strategic partnerships have expanded XRPL’s reach in the global market.
CoinTelegraph reports on the new regulatory approvals XRPL has received, which are crucial for increasing institutional adoption and market access.
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Strategic partnerships, as detailed in XRPL’s official announcements, are further enhancing the network’s global footprint and operational capabilities.
5. Technological Upgrades, Protocol Improvements
September has seen significant technological upgrades to the XRPL protocol, including enhancements to scalability and transaction throughput.
These improvements aim to support growing usage and ensure a more robust network.
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TechCrunch covers the latest XRPL protocol upgrades, noting improvements in scalability and security that are designed to handle increased demand. For technical details, XRPL’s official blog and GitHub repositories provide in-depth information on these upgrades.
Conclusion
Despite broader market uncertainties and seasonal trends, September 2024 has proven to be a very active month for XRPL characterized by progress.
These developments emphasize the network’s ongoing growth and resilience, positioning it as a leading player in the blockchain space.
InvestingHaven continues to believe that XRP has a bright future. Our premium research service has XRP top of its shortlist, aiming to send a buy alert to members as soon as a major uptrend is expected to start, which we should derive from our chart analysis techniques.
