New XRP Lending Protocol Possibility Sees Huge Transfers of XRP in Anticipation

XRP Ledger’s Lending Protocol Possibility Sees Huge Movement of XRP

NAIROBI (Coinchapter.com) – In a series of substantial XRP transactions, over $33 million worth of cryptocurrency has been moved between anonymous wallets and Binance, the largest crypto exchange. This surge in activity comes amid anticipation for the XRP Ledger’s innovative lending protocol.

XRP whale transactions. Source: Wheale Alert

According to the blockchain tracker Whale Alert, three substantial XRP transactions hit the books. The first transaction saw 21.37 million XRP (approximately $10.9 million) transferred from an unknown wallet to Binance. Swiftly after, another 21.34 million XRP (around $10.9 million) followed the same route to the popular exchange. In the third transaction, 21.573 million XRP, valued at nearly $11 million, was transferred from Binance to an unknown wallet.

XRP Ledger’s Lending Protocol Proposal Gains Traction

The Ripple community has also been abuzz with excitement over the recent proposal for a decentralized lending protocol native to the XRP Ledger. The proposal, dubbed XLS-66d, aims to establish a robust and flexible lending ecosystem directly on the XRP Ledger, eliminating the need for smart contracts.

Source: RippleX

Notably, the proposed lending protocol boasts several key features that have captured the attention of XRP holders and developers. Firstly, it promises simplicity and direct lending, streamlining the lending process. Secondly, the protocol-native approach ensures seamless integration with the XRP Ledger itself. Moreover, its modular and flexible design allows for future enhancements and adaptability.

Notably, the elimination of smart contracts could address concerns like security vulnerabilities and scalability issues. As the DeFi ecosystem grows, solutions offering enhanced security, efficiency, and scalability are highly sought after, making XLS-66d particularly appealing.

Ripple Faces Resistance at $0.52 Amid SEC Battle

Amidst the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), the Ripple token has struggled to break through the resistance level of $0.52. Despite five consecutive attempts, the altcoin has failed to close above this crucial level, leaving investors eagerly awaiting the court’s decision on the SEC’s proposed $2 billion fine and Ripple’s counter of $10 million.

XRP/USD 1-day price chart. Source: TradingView

Ripple token has experienced a significant upswing, gaining 5% in the last 24 hours. It currently trades at $0.515859 with a market capitalization reaching $28.56 billion. This growth coincides with a substantial $1.41 billion 24-hour trading volume, suggesting strong investor interest.

Technical analysis offers further optimism. The recent MACD crossover signals a potential continuation of the bullish trend. However, traders should remain cautious of resistance around $0.5310 and $0.5574, which represent key Fibonacci retracement levels.