Ripple has set its sights on becoming a major player in the oracle space by planning to launch its own Oracles in the second quarter of 2024. This move positions Ripple as a strong contender against its competitor, Chainlink, and has the potential to drive XRP prices to new all-time highs. Ripple’s integration of real-world assets (RWAs) has already outpaced Chainlink, establishing itself as a crucial 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 increase in the price of XRP. Ripple has expressed interest in going public, but it is likely to carry out its initial public offering (IPO) outside of the United States. This decision is influenced by the current chair of the Securities and Exchange Commission (SEC), Gary Gensler. Once Ripple goes public, it is expected that the price of XRP will experience a meteoric rise.
Ripple’s planned release of Oracles in the second quarter of 2024 aims to enhance the smart contract functionality of the XRP Ledger (XRPL) by improving data accuracy and timeliness. This strategic move is part of Ripple’s efforts to challenge Chainlink’s dominance in the oracle space and make XRPL more attractive in the rapidly evolving decentralized finance (DeFi) sector, particularly for institutional investors.
In addition to the Oracles release, Ripple has several other developments in the pipeline. The launch of an Automated Market Maker (AMM) on XRPL aims to boost liquidity and market efficiency, providing better pricing and reduced slippage for DeFi activities. The implementation of Decentralized Identifiers (DiD) aims to revolutionize identity verification on XRPL, enabling a secure and self-sovereign digital identity system that is crucial for regulatory compliance in institutional DeFi. Ripple is also planning to introduce a Multi-Purpose Token (MPT) in the third quarter to enhance token usability across various applications. Furthermore, the development of an XRPL-native lending protocol is underway, focusing on security, compliance, and scalability to expand financial services on XRPL.
These upcoming developments by Ripple have the potential to significantly impact the market dynamics of XRP. The introduction of Oracles, along with the other planned features, could propel XRP to new all-time highs as it gains 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 strategic plans and upcoming developments position it as a strong competitor in the oracle space. The launch of Oracles, along with other features, has the potential to drive XRP prices to new heights. Investors and enthusiasts are eagerly anticipating Ripple’s public listing and the subsequent surge in XRP’s price.
