Thursday, July 25, 2024

XRP Holders to Earn Passive Income with XRPLedger AMM Activation.

Although XRP is having difficulty making up the losses from the previous week, the altcoin’s price is able to hold above $0.60 because of two variables that appear to be influencing price movement. One point of contention among market players is the approaching deadline for the US Securities and Exchange Commission (SEC) to submit an opening brief in the litigation against Ripple. Conversely, the XRPLedger’s Automated Market Maker (AMM) modification has been authorised.

Daily digest market movers: AMM may have a favourable effect on XRP and Ripple.

  • AMM activation on the decentralised public blockchain XRPLedger is scheduled for March 22, 20:10 GMT, based on information from XRPscan.
  • Holders of XRP are hoping that the development will benefit both the cryptocurrency and the payment remittance company. Go here to learn more about it.
  • By providing liquidity to pools, the XLS-30D amendment, which suggested activating an AMM on the ledger, gives holders of XRP the chance to generate passive income.
  • The AMM amendment’s primary feature is the seamless integration of the XRPLedger with decentralised exchanges.
  • Since liquidity providers share the associated exchange risk, the liquidity staking pool for XRP holders will pay them a proportionate percentage of the earnings.
  • Liquidity pool tokens will be awarded to XRP holders proportionate to their deposits, and they will have the ability to vote on the AMM’s trading fee.
  • The X account of cryptocurrency researcher Stedas has provided a comprehensive tutorial on how holders of XRP may generate passive income using liquidity pools.
  • In the SEC v. Ripple litigation, a crucial deadline is drawing near. The regulatory body is getting ready for its March 22 opening remedies-related brief. Since the payment remittance company is one of the biggest public investors in cryptocurrency, developments in the litigation have an influence on the price of XRP.

Technical Analysis

The XRP price holds above $0.60, but more corrections are probably in store. Since March 5, when it reached its 2024 top at $.6685, the price of XRP has been moving mostly sideways.

The cryptocurrency may retrace 38.2% of its run to the 2024 high, or $0.5553, if it corrects. Given that momentum indicators like the Awesome Oscillator (AO) and Moving Average Convergence/Divergence (MACD) suggest a correction in the cryptocurrency is probable, a sweep of this support level is expected.

The MACD and AO’s red bars indicate that there isn’t much positive momentum and that the uptrend is probably in danger. Therefore, before there is a significant altcoin comeback, the price of XRP is probably going to drop.

The 78.6% Fibonacci retracement level, or $0.6293, on a daily candlestick close might refute the negative theory around XRP. The $0.6685 high in 2024 will be the next significant barrier.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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