XRP bounces back above $0.60 as Ripple announces successful improvements to XRP Ledger testnet

VaselineAugust 20, 2024

0 3 minutes read

Ripple has successfully completed recent improvements to the XRP Ledger testnet.
The testnet has been reset since August 20, improving efficiency and reducing the cost of running a testnet node.
XRP is rising to $0.6053 early Tuesday, once again above the key psychological support level.

Ripple (XRP) has announced the rest of its XRP Ledger blockchain. The XRP Ledger is a decentralized public blockchain that enables the transfer of native XRP token, fiat and other digital assets.

The XRP Ledger testnet has been reset, this improvement increases efficiency and lowers the cost of running a node, according to Ripple’s official announcement.

Daily Market Moments: Ripple resets XRP Ledger testnet, lowers costs for users

Ripple announced in an official tweet that the XRPL testnet has been successfully reset as of August 20.
All accounts, balances and settings have been deleted and the rest improves efficiency for Testnet users.
The recent improvement reduces the cost of running a Testnet node.

The XRPL Testnet was successfully reset as planned today – all Testnet DEX content, accounts, balances and settings were deleted. Resetting improves the efficiency and reduces the cost of running a Testnet node.

Stay tuned for updates on long-term Testnet improvements.… https://t.co/6H3wUPUUHv

— RippleX (@RippleXDev) August 19, 2024

XRP traders follow recent updates and announcements from Ripple, including the recent partnership announcement with SBI Digital Asset Holdings, Ripple USD stablecoin news, and XRP Ledger developments.
The payment remittance firm’s stablecoin is awaiting approval from the Securities & Exchange Commission (SEC) and is not available for trading or purchase at the time of writing.
Ripple’s XRP Ledger enhancements are geared towards increasing its utility and adoption among entities running nodes on the testnet and mainnet.

Technical Analysis: XRP Back Above $0.60

XRP is trading above $0.60 on Tuesday. The altcoin is likely to extend gains by 9.17% to $0.66, the 50% Fibonacci retracement level of the decline from the July 13 high of $0.9380 to the July 5 low of $0.3823.

XRP may face resistance at the upper bound of the Fair Value Gap (FVG) at $0.6217.

XRP

XRP/USDT Daily Chart

XRP could find support between $0.5800 and $0.5900 in case of a correction.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

VaselineAugust 20, 2024

0 3 minutes read