- Oracles like Band Protocol and DIA are enhancing XRP Ledger’s DeFi capabilities.
- Ripple’s focus consists of institutional adoption, interoperability, and launching a USD-backed stablecoin.
Subsequent to the earlier CNF replace on Ripple President Highlights XRPL EVM Sidechain within the Q2 Report, the quarterly XRP Markets Report revealed by Ripple supplies transparency and common updates on the state of crypto markets, related XRP Ledger and XRP-related bulletins, and market developments from the earlier quarter.
Following Ripple’s official tweet, it was additional highlighted that the Q2 ’24 XRP Markets Report emphasizes the persistent volatility in total crypto markets through the quarter.
The Q2 ’24 XRP Markets Report is now dwell – whereas total crypto markets noticed excessive volatility over the quarter, institutional adoption remained entrance and middle via RWA tokenization and key regulatory milestones resembling MiCA going into impact. https://t.co/UTL5NQSWHk
— Ripple (@Ripple) August 2, 2024
Regardless of this, institutional adoption remained a key focus, pushed by the tokenization of real-world property (RWA) and vital regulatory milestones, together with the implementation of the Markets in Crypto-Belongings (MiCA) regulation.
As detailed within the report, the XRP Spot Alternate Quantity chart reveals that traded volumes remained elevated all through the primary half of the quarter. Binance continued to account for a good portion of this quantity, whereas contributions from different exchanges, significantly Bybit and Upbit, diverse. The latter half of Q2 maintained constantly excessive traded volumes throughout the foremost exchanges.
Chart of XRP Spot Alternate Quantity (Supply:Q2 2024 XRP Markets Report)
On the XRP Ledger, a number of developments had been highlighted, together with the combination of Axelar for enhanced interoperability, the introduction of Oracles for institutional DeFi functions, and the upcoming Multi-Goal Token (MPT) commonplace for tokenizing various property. Ripple additionally introduced plans to launch a stablecoin, Ripple USD, which might be backed by U.S. greenback deposits and different money equivalents.
General, regardless of the value of XRP in keeping with Coin Market Cap knowledge immediately at $0.472 with a drop of 15.11% prior to now day and 22.30% prior to now week, it seems that Oracles Enhance XRP Ledger DeFi, and that Band Protocol and DIA Ship Dependable Information Feeds for Ripple.
