Ripple announces plans to launch Oracles by Q2-2024

Ripple builds on previous announcements by remaining true to them. It has developed a roadmap for launching Oracle services in the second quarter of 2024. This is likely to position it directly against Chainlink as a primary competitor. Interestingly, this is not the only development that the community is looking forward to. Others include AMM, DiD, MPT, and a native lending protocol.

Oracle integration is perhaps the most anticipated upgrade the community is looking forward to. It essentially enables the platform to integrate real-world data into a blockchain (XRPL in this case). The integration will allow users to access price feeds and event data. Thereby, it cements its position in the DeFi sphere with better and more effective price feed integration.

Integrating Oracle will pave the way for MPT, an acronym for Multi-Purpose Tokens. It is slated for launch in the third quarter of 2024, pivotal to mark the beginning of functionality and flexibility for tokenized assets on the blockchain. The launch of MPTs will allow users to streamline the portfolio management process.

AMM, short for Automated Market Maker, will support three functionalities: liquidity provision, automated trading, and market efficiency enhancements. Several major players, including BC.Game and Crossmark, are already leveraging the potential of AMM to explore non-financial and financial use cases.

Updates for AMM date back to the time when Ripple expressed its intention of building blocks of institutional DeFi on the XRP Ledger. It was on top of providing space for value transfer, credit, issuance, and exchange functions. Ripple, via AMM, will be able to take advantage of aggregated liquidity, protocol-native functionality, and integration with limit order books.

Decentralized Identity, also known as DiD, has emerged as a revolutionary concept. Hailed as a breakthrough, DiD ensures user privacy without compromising on self-sovereignty and verifiable digital identities. DiD gives full control to their owners. Fractal ID and Heirloom are the two players leading the race in its adoption.

When and if the Spot Ether ETF receives approval, Brad Garlinghouse has backed this roadmap and taken a step further by suggesting that the ETF segment could undergo a major transition. He has said that it could pave the way for other crypto ETFs to enter the market. Also, he believes that Ether ETF could take the collective evaluation to $5 trillion.

Some of the cryptos that are in line for their ETFs are XRP, SOL, and ADA.

That said, the current announcement has done little for XRP. The token has only gained 0.11% in the last 24 hours at the time of writing this article. It is valued at $0.5188, with a lower chance of testing the resistance of $0.6 any time soon. Nevertheless, it could end the year as high as $0.80, or $1.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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