The XRP price has risen by 0.5% in the past 24 hours, with its move to $0.5068 coming after Ripple announced a new oracle integration for XRP Ledger.
The integration with Band Protocol and DIA provides XRP Ledger – which now has over 130 validators across multiple countries – with more reliable real-time data for use with DeFi applications.
In the longer term, this could make XRP Ledger more attractive to institutions and other partners, potentially boosting the XRP price massively in the more distant future.
And for now, the approach of the US presidential election could help increase market-wide bullishness, with XRP likely to benefit more than most if Donald Trump were to win tomorrow.
XRP Ledger’s New Feature Could Send XRP Price Soaring – How High Can It Go?
Announced over the weekend, the new features will, for example, help improve the security and reliability of automated market makers and lending protocols running on XRP Ledger.
The idea behind this is to attract more institutional investors to XRP Ledger’s ecosystem, and while it is a modest and early step, it adds to other recent upgrades.
Back in June, developers launched the XRPL EVM Sidechain, a layer-two network for XRP Ledger that makes it compatible with the Ethereum Virtual Machine.
Ripple has expanded on this launch in more recent months by revealing plans to bring smart contracts to XRP Ledger, with this weekend’s oracle announcement being only the latest step in long-term plans to make the ledger a real player in the DeFi ecosystem.
And the announcement has helped the XRP price buck today’s trend of falling prices, with the cryptocurrency market as a whole down by 1.5%.
While XRP is down by 2% in a week and by 8% in a fortnight, it appears to have bottomed out over the weekend and is now in a position to recover strongly.
Source: TradingView
Its relative strength index (purple) has climbed from 30 yesterday to 60 today, and looks like it will rise higher.
It will be interesting to see whether XRP can break through its resistance level (red), which currently sits at around $0.51.
If it can pass this level, it may rise to $0.52 soon after, particularly if Trump wins tomorrow’s election.
Polls suggest it will be a very close election, and while a Harris victory will dampen the recent bullishness, the XRP price should still reach $0.60 by the end of the year.
New Presale Tokens More Resistant to Election Result
Because XRP could remain a steady proposition for some time to come, many traders may also choose to diversify into more volatile small-cap coins, which can often outperform the market.
Presale tokens are a sub-category of this group that can also witness big gains, particularly when it comes to big presales.
And one new token having a big sale is Crypto All-Stars (STARS), a new Ethereum-based coin that has raised an impressive $3 million in its ongoing offering.
Crypto All-Stars is the first token in the market to offer a ‘MemeVault’, enabling holders of any meme token to stake their funds and earn a yield.
By using the ERC-1155 multi-token standard, Crypto All-Stars’ contract is able to tokenize any cryptocurrency, even those which don’t run on Ethereum.
This is bullish for STARS because users will receive higher staking rewards in proportion to the amount of STARS they hold.
In other words, users can stake Dogecoin or Shiba Inu, for instance, and if they hold STARS coins as well they’ll receive greater rewards.
This means STARS could experience huge demand once it launches.
Latecomers can join the coin’s sale by going to the official Crypto All-Stars website, where 1 STARS currently costs $0.0015432.
This will rise in two days, and will also several more times before the sale ends.
Interested investors should therefore act sooner rather than later, with STARS shaping up to have a big listing.
Buy STARS Now
The post XRP Ledger’s New Feature Could Send XRP Price Soaring – How High Can It Go? appeared first on Cryptonews.
