Key facts
- XRP price surged nearly 20% to $1.38 following news of an XRP Ledger upgrade.
- Ripple has voted in favor of the Permission Delegation amendment, a key part of the XRP Ledger v3.3.0 upgrade.
- This upgrade aims to enhance stability and readiness for institutional and tokenization use cases.
- A new lending protocol, developed by Clearpool with credit operations managed by Cicada Partners, will utilize RLUSD as the credit asset.
- Ripple is participating as a limited partner in the lending initiative.
- The proposed amendments require 80% validator approval for mainnet activation.
XRP's price experienced a significant surge, climbing nearly 20% to $1.38, driven by developments surrounding the XRP Ledger (XRPL) upgrade to version 3.3.0. Ripple has officially voted in favor of the Permission Delegation amendment, a key component of this upgrade, which aims to enhance the ledger's stability, performance, and suitability for institutional adoption and tokenization.
The Permission Delegation amendment introduces a mechanism for delegating specific transaction permissions, akin to role-based access control, which is seen as vital for regulated institutions bringing assets on-chain. RippleX product head Jazzi Copper highlighted its importance for managing on-chain value.
This upgrade also includes the fixCleanup amendment, which bundles fixes for various components, including the Lending Protocol and Single Asset Vaults. Clearpool is developing this lending platform, which will use RLUSD as the credit asset, not XRP itself. Cicada Partners will manage credit operations, and Ripple will act as a limited partner. Clearpool is currently testing the integration on the XRPL Devnet.
The XRP Ledger upgrade requires 80% validator approval for two consecutive weeks for mainnet activation. Other amendments in the voting stage include Confidential Transfer, BatchV1_1, DynamicMPT, and Sponsor.
The price surge is occurring amidst broader positive sentiment in the crypto market, with XRP futures open interest rising significantly and spot XRP ETFs seeing strong inflows, with Goldman Sachs re-entering as a top holder.