The end of the SEC case against Ripple has given the blockchain payment company the needed space to build the XRPL network in preparation for mainstream adoption.
Ripple Labs, a blue-whale investor in the XRP market, has announced detailed plans to further develop the XRP Ledger (XRPL) network to support Web3 protocols. According to the announcement, Ripple intends to introduce advanced programmability on the XRPL network to support scalable and secure smart contracts by 2025.
As a result, Ripple-backed XRPL will compete with other top-tier layer one chains – led by Ethereum (ETH), Solana (SOL), Toncoin (TON), Tron (TRX), and BSC networks, among others. Furthermore, the decentralized finance (DeFi) space is one of the fastest-growing crypto-oriented industries, with more than $69 billion in market cap and a daily average trading volume of over $3.1 billion.
Ripple Builds XRPL for Further Institutional and Retail Adoption
Following the recent conclusion of the SEC vs Ripple lawsuit, which saw XRP obtain the much-needed legal clarity in the United States, the blockchain company has shifted focus on developing the XRPL chain. The XRPL network, which uses XRP as the native coin, has grown over the past decade as a major player in cross-border payments backed by institutional investors.
In a bid to ensure a sustainable future, Ripple has announced several plans to enhance the XRPL network in line with the web3 space. As Coinspeaker previously explained, Ripple has already launched the XRPL EVM sidechain to enhance interoperability with the Ethereum web3 ecosystem and other chains tapping on the EVM network through the wrapped XRP (eXRP).
The company is currently testing the development of US dollar-backed stablecoins, which will run on the XRPL and Ethereum blockchains.
The company’s plans to enhance dual advancements in XRPL programmability will play a crucial role in the mainstream adoption of Web3 space and XRP.
“Existing smart contract standards, such as Hooks from XRPL Labs, lay an important foundation that can be iterated upon to enhance Mainnet capabilities. This framework allows developers to leverage the Ledger’s core strengths while using smart contracts to customize functionalities to meet specific needs, streamlining development and fostering innovation,” the company noted.
Impact on XRP Price Action
From a technical standpoint, XRP price has been trapped in a multi-year triangular pattern in the past six years, majorly due to the legal hurdles in the United States. The large-cap altcoin, with a fully diluted valuation of about $57 billion and a daily average traded volume of around $908 million, has however hovered around the apex of the macro triangular consolidation, signaling an imminent breakout on the horizon.
The notable XRPL developments, following the conclusion of the Ripple vs SEC case, will help revive the XRP bulls in the near term. Moreover, the XRP/BTC pair has been retesting multiyear lows amid the anticipated altseason in the near term.
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