Ripple to Become Chainlink Competitor with Release of Oracles in Q2 2024 on XRPL – Can It Propel XRP Price to a New ATH?
- Ripple plans to release Oracles in Q2 2024, positioning itself as a strong competitor to Chainlink in the oracle space.
- The introduction of these Oracles could potentially drive XRP prices to new all-time highs.
In line with the recent update from CNF, Ripple is taking a significant lead in integrating real-world assets (RWAs), with XRP prices outpacing Chainlink. This positions Ripple as a pivotal platform for the trillion-dollar RWA tokenization market.
Blockchain expert Collin Brown highlighted in a recent tweet that Ripple’s potential public listing could lead to a substantial rise in XRP’s price.
Garlinghouse confirms that #Ripple is interested in going public, but they will probably carry out their IPO outside of the U.S. Right now, it doesn’t make sense as long as Gary Gensler is still Chair of the SEC.
Once Ripple goes public, the price of XRP will skyrocket!
pic.twitter.com/XCNvVfLP2o
— Collin Brown (@CollinBrownXRP) June 2, 2024
According to Ripple’s May 29, 2024 update, the planned release of Oracles in Q2 2024 aims to enhance XRPL’s smart contract functionality by improving data accuracy and timeliness.
This development is part of Ripple’s strategy to challenge Chainlink’s dominance in the oracle space and boost the appeal of XRPL in the rapidly evolving DeFi sector, catering to institutional needs.
- Oracles Launch in Q2 2024: Set to improve smart contract functionality by integrating real-world data, this release will position Ripple to compete with Chainlink, potentially enhancing XRP’s utility and market value.
- Automated Market Maker (AMM) Now Live: The AMM boosts liquidity and market efficiency on XRPL, supporting DeFi activities with better pricing and reduced slippage, essential for the expansion of financial services on the blockchain.
- Decentralized Identifiers (DiD) Undergoing Voting: DiDs aim to revolutionize XRPL’s identity verification by enabling a secure, verifiable, self-sovereign digital identity system, crucial for regulatory compliance in institutional DeFi.
- Multi-Purpose Token (MPT) Q3 Amendment Proposal: Scheduled for Q3, this proposal seeks to enhance token usability across various applications.
- XRPL-native Lending Protocol (Technical Design Proposal): Development continues on a lending protocol focused on security, compliance, and scalability, aiming to broaden financial services on XRPL.
Looking ahead, Ripple aims to introduce a Multi-Purpose Token (MPT) in Q3 to enhance token usability and is also developing an XRPL-native lending protocol to expand financial services, emphasizing security, compliance, and scalability.
Can It Propel XRP Price to a New ATH?
As Ripple enhances XRPL with Oracles, the potential impact on XRP’s market dynamics is significant. These new features could propel XRP to new all-time highs due to increased utility and adoption.
Currently, Ripple (XRP) trades 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, see the chart below.
