XRP army supports need for DAO, criticizes Ripple for lack of decentralization

• The XRP Army, community members and validators are debating the need for a DAO to govern the XRP Ledger on X.
• Ripple has seen a 25% increase in active addresses in the first two days of September as market participants show interest in the altcoin.
• XRP is gaining over 1.30% on Monday, holding above $0.55 at the time of writing.

The Ripple (XRP) Army is made up of community members who own the token and entities running validation nodes for the altcoin. Community members are currently debating the X benefits of a Decentralized Autonomous Organization (DAO) on the XRP Registry.

DAOs typically put governance in the hands of the community, which further decentralizes the chain.

Daily Market Reasons: Ripple Army Debates Need DAO, Further Decentralization

• XRP community member behind the X handle @DarkhorseDNME4 shared thoughts on further decentralization of the XRP Ledger. The validator behind the X handle @Vet_X0 commented and added information to the questions raised by XRP Army member.
• Three key issues are being debated: whether there should be a DAO in the XRP Ledger, whether projects that rely on the Ledger and issuing tokens should pass on the benefits to token holders, and that XRP holders should earn from the remittance firm’s shares of payments. or the Register.
• A DAO is a digital organization that decentralizes decision-making and governance on a chain, and this would take power away from the payment remittance firm and potentially make the future of the Ledger more decentralized.
• The XRP Army supported the firm through its process with the US Securities and Exchange Commission (SEC) and celebrated key milestones such as the launch of the Automated Market Maker (AMM) on the XRP Ledger. However, @DarkhorseDNME4 claims that little or no value has been added in terms of the token price in a recent tweet on X.

• On-chain data from crypto tracker Santiment shows that Ripple saw a nearly 25% increase in active addresses between August 31st and September 2nd. The first two days of September saw an increase in address activity, which means more participation from the crypto community and likely increased interest among traders.

Active XRP Addresses (24 hours)

Technical Analysis: XRP could extend gains and target $0.6217

XRP has been in a multi-month downtrend that started with the July 13, 2023 high of $0.9380. Since then, XRPLedger’s native token has extended its decline to a July 5 low of $0.3823. At the time of writing, XRP is holding steady above the $0.55 area and could extend gains by 12% to a key resistance level at $0.6217.

XRP tested $0.6217 as resistance several times between April and August. The psychologically important $0.60 level could act as resistance for the altcoin on its way to $0.6217.

The Relative Strength Index (RSI) reads 44.03, below the neutral level, showing a lack of positive momentum.

XRP/USDT Daily Chart

A daily candlestick close below Sunday’s low of $0.5434 could invalidate the bullish thesis. In this scenario, XRP could sweep the liquidity at the lower end of the fair value gap (FVG) between $0.5188 and $0.5785.