XRPL reduces its wallet reserve requirements from 10 XRP to 1 XRP

What’s new? The XRP Ledger (XRPL) blockchain team from fintech company Ripple has lowered the cost of activating an account from 10 to 1 XRP coin. Given the current exchange rate, users will only need to spend $2,73 to fund their wallet reserve, potentially lowering the barrier to wider adoption of XRPL.

Source: X.com

What else is known? As one of the network’s validators reported, citing on-chain data, not only have the basic reserve requirements been lowered but also the holder’s reserve requirements: from 2 to 0,2 XRP.

This means that users only need to keep 0,2 XRP for each object in their wallet. These objects, according to the project documentation, include, among others, non-fungible tokens (NFTs), at 0,2 XRP for every 32 NFTs, some price oracles, accounts for various fungible tokens, and multi-signature wallet signer lists.

Aurum Equity Partners will tokenize a $1 billion fund on the XRPL blockchain

According to the company, it is the world’s first first-ever combined tokenized equity and debt fund

Read more

By introducing redundancy, developers sought to prevent the blockchain from growing to a size that would prevent nodes from storing this data.

In particular, implementing requirements to permanently store 10 XRP in a wallet protected the network from empty spam accounts. However, these measures were criticized, with some developers arguing that it slowed XRPL adoption.

In October, an XRPL developer under the nickname WietseWind reported that all nodes under the control of the XRPL Labs team were configured to maintain lower reserve requirements.

He acknowledged, however, that the surge in blockchain activity could create problems for the infrastructure. Nevertheless, he called it a “good” problem as it would arise if the number of users grew and assured that engineers would be able to handle the increased load on the network.

Ripple will add EVM-based smart contracts to its XRPL blockchain

Earlier, the company introduced a new token standard to the blockchain

Read more

Although the change was implemented on XRPL Labs nodes on October 16, it required a validator reboot and a vote by all validators, which did not take place until December 2 and allowed the change to be implemented.

As for the XRP token, it is now experiencing explosive growth and is at an all-time high since January 2018. The asset has added 145% since late December when the resignation was announced by Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), under whose leadership the regulator had been engaged in a multi-year legal battle with Ripple over the status of XRP.

It is expected that after Donald Trump’s inauguration on January 20 and the appointment of a new SEC chairman, the commission’s position will change. Especially since the court has already partially sided with Ripple, seeing a violation of securities laws only in institutional sales of XRP and reducing the amount of the fine for the company by 94%.

Since the end of last week, XRP has risen two points in the overall ranking of cryptocurrencies by market capitalization, displacing the USDT stablecoin from issuer Tether and the native token of the Solana (SOL) blockchain from the third and fourth places, respectively. XRP is now the largest cryptocurrency after bitcoin and Ethereum with a market capitalization of $155,5 billion.

Ripple invests in Bitwise’s European XRP ETF

The product has been traded on Deutsche Börse’s Xetra platform under the ticker GXRP since 2022

Read more

The asset’s growth could also have been stimulated by two other factors. One of them is traders’ anticipation of the relatively imminent launch of XRP-based spot exchange-traded funds (ETFs) by leading investment companies on major US stock exchanges.

The second concerns Ripple’s RLUSD stablecoin: the asset has received approval from the New York financial regulator (NYDFS) and can be launched on the XRPL and Ethereum networks as early as tomorrow, December 4.