Ripple to Retest $0.3400 as XRPL Welcomes AMM Amendment

Updated:

Recent reports show that an amendment for Automated Market Maker (AMM) has been proposed on the Rippled (Ripple) codebase. Reports show that the AMM amendment was introduced by Ripple CTO David Schwartz and RippleX’s head of research, Aanchal Malhotra.

The proposed amendment will allow Ripple users to deposit, withdraw, and govern on an AMM Instance (Pool). Additionally, the amendment creates an incentivization mechanism for liquidity providers on the native decentralized exchange, XRPL DEX, thereby boosting the capacity of XRP to function as a bridging currency.

Apart from this, introducing this feature in AMM Instance increases the continuation of auctioning off trading advantages to arbitrage-seekers for a fee, which will be given by liquidity providers.

The latest development was shared via Twitter by Wo Jake, a Ripple enthusiast. Jake tweeted a thread saying:

“Great news for the #XRPL & #XRP’s liquidity! The AMM (Automated Market Marker) amendment introduced by @aanchalmalhotre & @JoelKatz has been proposed as a PR on rippled’s codebase.”

He further noted: “Regarding the governance mechanism, an AMM Instance also provides governance rights to the largest stakeholders of the AMM Instance. This allows them to vote on the trading fee the instance charges.”

With the amendment already running as a pull request in the Rippled codebase, the next phase would be to introduce the required testing before it is available on XRP Ledger for voting.

Key Ripple Levels to Watch — September 7

Ripple has jumped by about 3% to the $0.330 area as the broader market starts to show notable bullish coordination. The cryptocurrency currently battles with the 50-day SMA and stands the chance to push past the $0.3400 mark in the coming days.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView.

However, the cryptocurrency will need a lot of bullish steam to break out of the $0.3400 mark, considering that this line has been a price ceiling for XRP since late July. Regardless, traders will remain cautious as they try to find a clear near-term path for XRP.

Meanwhile, my resistance levels are $0.3400, $0.3500, and $0.3600, and my support levels are $0.3200, $0.3000, and $0.2800.

Total Market Capitalization: $955.6 billion

Ripple Market Capitalization: $16.3 billion

Ripple Dominance: 1.7%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.