Ripple is preparing to launch its Oracles in the second quarter of 2024, positioning itself as a strong competitor to Chainlink in the oracle market. This move has the potential to drive XRP prices to new record highs. With the integration of real-world assets and the outperformance of XRP prices compared to Chainlink, Ripple is establishing itself as a crucial platform in the trillion-dollar market for tokenizing real-world assets.
Blockchain expert Collin Brown recently tweeted about Ripple’s potential public listing, suggesting that it could lead to a significant increase in XRP’s price. Ripple CEO Brad Garlinghouse confirmed the company’s interest in going public, but he indicated that they would most likely conduct their initial public offering (IPO) outside of the United States, as long as Gary Gensler remains the Chair of the Securities and Exchange Commission (SEC). Brown predicts that once Ripple goes public, the price of XRP will skyrocket.
Ripple’s update on May 29, 2024, revealed that the planned release of Oracles in the second quarter aims to enhance the smart contract functionality of the XRP Ledger (XRPL) by improving data accuracy and timeliness. This strategic move by Ripple challenges Chainlink’s dominance in the oracle market and aims to make XRPL more appealing in the rapidly evolving decentralized finance (DeFi) sector, catering to institutional needs.
The launch of the Oracles in the second quarter of 2024 will improve smart contract functionality on XRPL by integrating real-world data. This release positions Ripple to compete with Chainlink and has the potential to enhance the utility and market value of XRP.
In addition to the Oracles, Ripple has recently introduced an Automated Market Maker (AMM) on XRPL, which enhances liquidity and market efficiency. This supports DeFi activities by providing better pricing and reduced slippage, which is crucial for the expansion of financial services on the blockchain. Ripple is also working on decentralized identifiers (DiD) to revolutionize identity verification on XRPL, ensuring a secure and verifiable digital identity system that complies with regulatory requirements in institutional DeFi. Furthermore, Ripple plans to introduce a Multi-Purpose Token (MPT) in the third quarter, aiming to enhance token usability across various applications. The company is also developing an XRPL-native lending protocol focused on security, compliance, and scalability to expand financial services on XRPL.
With these developments, Ripple aims to enhance the usability and functionality of XRP. The introduction of Oracles is expected to have a significant impact on the market dynamics of XRP, potentially driving its price to new all-time highs. Currently, XRP is trading at $0.5165, experiencing a slight downturn of 0.46% in the past day and a decrease of 3.12% over the past week. For more detailed insights, refer to the chart below.
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