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- The XRP Ledger is undergoing a major upgrade with the “fixReducedOffersV1” amendment with support from 80% of validators.
- The XRPL version 1.12.0 upgrade introduces significant features, including the fixReducedOffersV1 amendment.
The XRP Ledger is all set to undergo a major upgrade “fixReducedOffersV1” amendment has entered a two-week activation countdown period after nearly 80% of validators voted in favor of it.
XRP Ledger (XRPL) is set to undergo significant enhancements in the upcoming weeks, prompting users utilizing rippled v1.11.0 or older versions, as highlighted by XRPScan, to initiate system upgrades. The implementation of fixReducedOffersV1, designed to address crucial issues related to Decentralized Exchange (DEX) offerings, necessitates that updates surpass the 80% threshold within a 14-day timeframe.
In mid-September, XRPL version 1.12.0 was introduced, introducing notable features, including the fixReducedOffersV1. This update also included bug fixes, modifications related to the Automated Market Maker (AMM), and the Clawback function. Users were given until September 20 to complete the upgrade to the latest version to avoid potential disruptions.
Moreover, the XRPL upgrade was identified as a prerequisite for participating in the voting process for new amendments such as XLS-30. Among the amendments introduced in the XRPL version 1.12.0 upgrade, fixReducedOffersV1 stands out as the sole amendment that has secured an 80% consensus, triggering the commencement of the two-week activation countdown period. fixReducedOffersV1 is engineered to diminish the occurrence of order books shielded by reduced offers, thereby enhancing the overall functionality of XRPL.
Specifically, the XRPL protocol only permits amendments that garner over 80% validator support within a two-week timeframe. With this recent development, continuous participation in the role of node provider or other specified functions within the protocol mandates an upgrade to the latest XRPL version.
Key Changes After XRP Ledger Upgrade
From the perspective of the taker, the amendment has the potential to impact the exchange rate of a reduced offer on XRPL DEXs by rounding it in a way that surpasses the original offer. In such a scenario, the reduced offer might be taken up by other offers that align with the original terms.
Conversely, without these amendments, an offer with minuscule remaining amounts could experience significantly lower exchange rates after rounding than its initial value. This, in the long term, hinders the acceptance of superior offers, placing a significant burden on decentralized brokerage platforms operating on the XRPL.
The XRPL is undergoing various internal and external upgrades, enhancing its overall outlook. The introduction of the Xahau sidechain, following a successful security audit, bodes well for the future prospects of the XRPL.
XRP Getting Ready for A Major Rally
Cryptocurrency enthusiasts are closely monitoring XRP as it displays dynamic market activity, hinting at the possibility of a substantial price surge. Analyzing the provided XRP chart reveals a noteworthy recovery, as the token embarks on a bullish trajectory toward higher resistance levels.
The bullish momentum is accentuated by the crossover of short-term moving averages above their longer-term counterparts. Additionally, the volume profile signals robust interest in XRP, with consistent trading volumes bolstering the recent price uptick.
The current price pattern indicates XRP’s testing of a pivotal resistance point. A successful breach above this level could validate a bullish price reversal, potentially setting the stage for a new upward trend. The momentum, as indicated by the Moving Average Convergence Divergence (MACD), resides in the bullish zone, further supporting the prospect of a sustained uptrend.
