ripple (XRP) Reaches a Major Milestone: Details
While everyone seems focused on the developments surrounding the lawsuit between Ripple Labs and the United States Securities and Exchange Commission, XRP Ledger has managed to reach an important milestone.
XRPL Reaches Major Milestone
The XRP Ledger (XRPL) is a public blockchain designed to enable fast, low-cost, real-time transfers of fiat currencies, XRP, and a number of other digital assets.
The network recently reached a major milestone: More than 10 million XRP tokens are locked in AMM pools.
Source: XRP Scan
Now, it is worth noting that this number has decreased slightly in recent hours and currently stands at around 8.9 million XRP locked in almost 600 AMM pools.
What is AMM and Why is It Important?
AMM stands for an automated market Maker. Their goal (and by extension the goal of their pool) is to provide liquidity on the decentralized exchange of the XRP ledger.
Essentially, each pool consists of two assets and users can swap between them at an exchange rate determined by a formula.
Those who lock XRP into pools are called liquidity providers and receive LP tokens (yield) from the automated market maker in exchange for their shares.
Therefore, the increase in shares in AMM pools generally indicates that investor confidence has increased.
This is especially true considering that the XRP price has remained stable for the past few weeks and has failed to make any significant moves in either direction.
Like CryptoPotato Recently reported cryptocurrency seems to be on the verge of a big move. This is because its price has been stuck in the current range for too long, indicating a balance between buyers and sellers. This usually doesn’t last long.
However, the direction of the breakout will likely determine Ripple’s medium-term trend.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive a special $600 welcome offer on binance (full details).
LIMITED OFFER 2024 on bydfi Exchange: Welcome reward up to $2,888, use this link to register and open 100 USDT-M positions for free!
#Ripple #XRP #Reaches #Major #Milestone #Details
