XRP traders were affected by an issue in the Automated Market Maker (AMM) on the XRPLedger. Ripple identified the glitch and worked on a fix, preparing to put it to vote, and calling community members to finalize the amendment for quick activation of the AMM.
Until the issue is resolved, XRP holders cannot deposit funds into AMM pools and Ripple advised traders to redeem their Liquidity Pool (LP) tokens.
Also read: XRP price climbs towards $0.65 as SEC seeks from Ripple $2 billion in penalties
The AMM bug fix is open for review on GitHub and will be in the 2.1.1 release of rippled. We’ll also publish a blog post tomorrow with more info about what happened and next steps. https://t.co/Z5v0cTvOvF
— RippleX (@RippleXDev) March 27, 2024
Ripple price has traded sideways below $0.75 resistance since July 2023, as seen on the XRP/USDT weekly price chart. Every time XRP price drops to support at $0.4743, it bounces towards the top of the range, at $0.75.
The current state of XRP price is range bound and $0.75 is a key resistance for the altcoin. A key break past this level could push XRPLedger’s native token towards weekly resistance at $0.86, seen in the chart below. This is likely to kickstart a rally in the altcoin.
Investors should be wary of long positions while XRP price is range bound. XRP price is expected to collect liquidity below $0.63, one more time, before it breaks out in the short term. A sustained climb above the Fair Value Gap between $0.7527 and $0.7609 could cement an upward trend for the altcoin.
If these conditions are met, XRP price could revisit $0.75, make a clean break above this level and rally towards the resistance at $0.86.
XRP/USDT 1-week price chart
On the downside, if XRP price sees a weekly candlestick close below the support at $0.4743, it could invalidate the recovery rally and signal an upcoming bearish trend reversal. In its decline, XRP price could collect liquidity at the monthly support at $0.2879, a level previously seen in June 2023.
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.