Ripple’s XRPL Primed For Massive Upgrade That Could Lift XRP Price — Here's Everything You Need To Know
XRP has grabbed headlines today with the introduction of a ground-breaking XRPL infrastructure upgrade.
Meanwhile, $XRP — the native cryptocurrency of the Ripple network — continues to trade well below the $0.5 threshold amidst a legal scuffle with the U.S. Securities and Exchange Commission (SEC).
XRP Ledger To Get Major Infrastructure Overhaul
XRPL Labs is planning a monumental upgrade to the XRP Ledger that has garnered the attention of crypto enthusiasts. This upgrade, set to overhaul the public infrastructure of the XRP Ledger, has stirred anticipation and curiosity in the XRP community.
According to a Sept.26 blog post by leading XRP Web3 wallet XUMM, the planned overhaul will be more than just enhancing infrastructure but a strategic move to revamp the XRPL’s foundation and ensure an inclusive future for all participants.
The important update aims to reevaluate the potential of the XRPL infrastructure. While the present XRPL infrastructure is quite advanced, it often encounters flexibility and efficiency hiccups. As such, it fails to motivate and deliver profitable results for infrastructure hosts as there is no incentive to contribute.
A New Dawn For XRPL
XRPL Labs envisions an ecosystem where businesses can scale, individuals get good rewards for their contributions, and the whole community flourishes sustainably.
That being said, the infrastructure modification will be an all-around solution to common issues as it would involve a more rewarding approach to infrastructure, which is expected to lead to enhanced local node connections, real-time transaction processing, and a smooth and uninterrupted user experience.
This revamp will also introduce a paradigm shift in that developers will rebuild the XRPL Cluster Software from the ground up rather than depending on third-party hosting sites where only a few participants benefit.
Commenting on the XRPL planned infrastructure revamp, the founder and CEO of XRPL Labs, Wietse Wind, posited:
“This is, without a doubt, the most monumental upgrade to the XRPL infrastructure since its inception, marking a pivotal moment in our pursuit of a healthier, sustainable XRP Ledger.”
Moreover, the code and intellectual property of the new software to power xrplcluster will be designed, written, and thereafter donated to the XRPL Foundation as part of the infrastructure transformation. This would allow all users, including businesses and individual contributors, to operate and leverage their private infrastructure.
XRP Price Stuck Below 55 Cents
The introduction of the game-changing revamp has naturally led to discussions regarding its potential impact on the price of XRP. The news, however, didn’t appear to affect the price of Ripple’s XRP token too much, which is currently priced at $0.504691 and is down 1.7% over the last seven days, according to CoinGecko data.
The latest announcement comes amid a lengthy case against Ripple by the SEC, which has no doubt affected the adoption and development of both XRP and the XRPL.
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