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Seeds of Wisdom
XRP LEDGER ACTIVATES CRUCIAL PRICE ORACLE AMENDMENT: HERE’S WHY IT MATTERS
▪️The activation of the Price Oracle amendment on the XRP Ledger enhances its DeFi capabilities by integrating off-chain data, crucial for executing accurate smart contracts and expanding decentralized applications.
▪️This update may increase demand for XRP, positioning the XRPL competitively against other blockchain platforms, particularly as Ripple prepares to introduce smart contract support.
The XRP Ledger (XRPL) has activated the highly anticipated Price Oracle amendment, enabling the integration of off-chain data through oracles. This update follows Ripple’s recent positioning to become a competitor to Chainlink, as previously highlighted by CNF. With the release of oracles in Q2 2024 on the XRPL, if it could propel XRP’s price to a new all-time high (ATH).
This key update, announced by XRPL validator Vet, states that the XRP Ledger Price Oracle amendment is now activated. Oracles can bring off-chain data to the XRP Ledger, which is useful for decentralized finance (DeFi) and eventually for smart contract dApps.
The amendment is designed to bolster decentralized finance (DeFi) capabilities on the XRPL by providing external, real-world data for use in smart contracts and financial transactions.
Expanding DeFi Applications with Real-World Data
The Price Oracle amendment allows oracles to connect blockchain-based applications on the XRPL to real-world data, such as cryptocurrency price feeds and live market data. This access is essential for executing accurate smart contracts and broadening DeFi’s scope on the XRPL.
With Ripple’s plan to add smart contract support, the amendment paves the way for more complex financial products and decentralized applications (dApps), significantly advancing XRPL’s DeFi capabilities.
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Positive Market Sentiment and Competitive Positioning
Within the XRP community, there is speculation that this update may drive up demand for XRP, as the XRPL’s enhanced functionality could attract more developers and users.
With reliable data integration, the XRPL is well-positioned to compete in the DeFi space, especially alongside platforms like XLM, which added smart contract support in early 2024.
This development underscores the XRPL’s adaptability and innovation, potentially strengthening its long-term market position. At the time of writing, Ripple (XRP) is trading at $0.5347, having surged by 5.08% in the past day and 2.62% in the past week.
@ Newshounds News™
Source: Crypto News Flash
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SENATOR LUMMIS: U.S. IS ‘GOING TO BUILD’ A STRATEGIC BTC RESERVE
Senator Cynthia Lummis reaffirmed plans to create a strategic Bitcoin Reserve in the U.S. just hours after Donald Trump won the presidential e------n.
Congressional progress on a national strategic Bitcoin reserve could accelerate as The Associated Press, Fox News, and NBC declared Republican candidate Donald Trump the winner of the presidential race. Lummis’ Nov. 6 tweet reminded the public of plans to position America’s $12 billion Bitcoin stockpile as a reserve asset and potential solution to the nation’s rising debt crisis.
The Senator initially revealed her BTC plans at the July Bitcoin 2024 conference in Nashville. Trump announced his intention to shutter state-backed Bitcoin selling at the same event, receiving praise from crypto supporters.
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Following the gathering, Lummis unveiled official documents for a Strategic Bitcoin Reserve and submitted the proposal for consideration. Thousands of U.S. citizens signed letters and petitions supporting the idea shortly after.
Republican control of Congress could further push such a bill toward formal legislation. Some 247 pro-crypto candidates won House of Representative seats, according to Stand With Crypto, with several other spots in the Senate up for grabs.
If Trump follows through on his crypto promises and Republicans achieve a legislative trifecta, the U.S. could become the first major world power to recognize Bitcoin as a national reserve asset. As of the time of publication, the U.S. was the largest sovereign owner of Bitcoin, holding 203,239 tokens, according to Arkham.
@ Newshounds News™
Source: Crypto News
Read more: Twitter
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TODAY
Jerome Powell will take the podium as Treasury yields surge, with the Federal Reserve expected to cut rates.
This is like watching poetry in motion.
@ Newshounds News™
Source: Twitter X
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Source: Dinar Recaps
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FED CUTS RATES AS BITCOIN CONTINUES ROARING
The Federal Reserve slashed interest rates again on Thursday in a move that could boost Bitcoin—which is already in all-time high territory.
The Federal Reserve on Thursday slashed interest rates in an expected decision that could give “risk-on” assets like Bitcoin a further boost—and the top digital asset is already surging in recent days, setting multiple all-time high price points following Donald Trump’s e------n win.
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America’s central bank approved a quarter-point interest-rate cut—a move backed by all 12 Fed voters. In September, the Fed cut by 50 basis points in its first such reduction since it aggressively raised rates in 2022.
Bitcoin and other cryptocurrencies have largely benefited from low interest rates because they, like tech stocks, tend to experience more volatile price movements.
But in 2022, the central bank aggressively hiked interest rates in a bid to tame inflation amid the C---D-19 pandemic, making such investments less attractive. Now that inflation is in check, the central bank can make it cheaper to borrow money again.
“The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance,” the Fed said in a statement Thursday.
Matt Mena, crypto research strategist at exchange-traded fund (ETF) issuer 21Shares, said in a statement provided to Decrypt that the latest cut could give crypto a further boost.
“The Fed’s 25 bps rate cut introduces an economic boost favorable to risk assets like Bitcoin,” he said. “Combined with Trump’s pro-crypto policies, this creates a supportive macro environment for Bitcoin.”
@ Newshounds News™
Source: Decrypt
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RIPPLE CEO SHARES HIS ‘FIRST 100-DAY’ CHECKLIST FOR THE PRESIDENT
Brad Garlinghouse, CEO of Ripple, has outlined what he believes should be part of the President’s first 100-day agenda for crypto.
Trump’s victory in the 2024 U.S. e------n has offered not just a pro-crypto president, but also the most pro-crypto lawmakers in the House and Senate. With crypto in celebratory mood as Bitcoin leads prices higher, the overall sentiment is that this is only the beginning of what’s bullish for the industry.
However, among the top priorities for the sector is the push for regulatory clarity. In his congratulatory message, Ripple CEO Brad Garlinghouse outlined what he sees as a few of the things the president can do in his first 100 days to get the ball rolling.
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Fire Gensler
At the top of the list is fulfilling a campaign pledge: firing U.S. Securities and Exchange Commission Chair Gary Gensler on “day one.”
Garlinghouse suggests replacing Gensler with a more crypto-friendly candidate, naming Dan Gallagher (chief legal officer of Robinhood), Christopher Giancarlo (former head of the Commodity Futures Trading Commission), and Brian Brooks (former acting comptroller of the currency) as potential successors.
“They’d be massive upgrades in rebuilding the rule of law (and reputation) at the SEC,” the Ripple CEO posted on X.
In his victory speech following Tuesday’s e------n, Trump expressed his commitment to uniting the nation and driving change.
On his ‘first 100-day’ checklist Garlinghouse wishes to see the president getting Republicans and D-------s together to “move the digital asset market structure bill forward in the Senate.”
Notably, the U.S. House of Representatives passed the bill in May 2024.
The final item on Garlinghouse’s list pertains to Ethereum. Ripple’s legal battle with the SEC, from December 2020 to July 2023, challenged a---------s that XRP was a security, ultimately resulting in a favorable court ruling. While the SEC approved spot Ethereum exchange-traded funds in May, Garlinghouse couldn’t resist a pointed comment aimed at the regulator.
“And last but not least, can we get some clarity…..similar to XRP and BTC, that ETH is not security, right?!” he wrote.
@ Newshounds News™
Source: Crypto News
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Source: Dinar Recaps
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