XRP is currently up over 14% in the last seven days, and some say so the altcoin is simply enjoying the euphoria of one possible Spot Bitcoin ETF approval, which has revived the crypto market. However, there are other developments that XRP Community which we may need to be aware of as they could ensure that the crypto token continues to rise.
Ripple wants to see more liquidity thanks to its latest partnership
Blockchain company Ripple recently announced that it collaborated with the financial platform Uphold Web3. As part of the partnership agreement, Uphold is expected to provide Ripple with “enhanced crypto liquidity capabilities” to more efficiently facilitate transactions on its cross-border payments infrastructure.
The news is important to the XRP community because Ripple uses XRP as a utility token to help process it cross-border transactions. As such, “enhanced crypto liquidity” will generally translate into more liquidity in the XRP ecosystemwhich could ultimately cause a further increase in the token’s price.
Xumm Wallet records milestone
XRP-based wallet Xumm announced in a post on its X platform (formerly Twitter) that it had surpassed 600,000 active users in the past three months. The wallet happens to be one of the standout ones on the market XRP ledgeras it also announced plans to introduce new features that could exponentially increase the number of active users.
In the post, Xumm mentioned that its wallet will become 10x more store-friendly with the redesign they are working on. That’s what it plans to do Integrate AMM and more DEX activity, which would make the wallet 10x better. It is believed that the wallet plans to complete this integration once the AMM disappears live on the XRP ledger.
Meanwhile, the wallet’s use cases will also increase as Xumm plans to integrate XRPs side chain Xahua and the ‘Hooks’ function. These developments are bullish for XRP as they will undoubtedly increase the utility of the token.
NFTs are coming to XRP Ledger
Ripple had Reportedly worked on tools and services to house tokenized assets and facilitate trading of these assets on the XRP Ledger. The company’s efforts already seem to be paying off, just like SBI Holdings announced plans to release its NFT service “EXPO2025 Digital Wallet NFT”, also known as ‘Myakoon’, on the XRP Ledger.
It is believed that this development could open the door for other NFT issuers to launch their NFTs on the network. This is also more important because of how the tokenized market is expected to grow tremendously to $13.6 billion by 2027. As such, XRP has the potential to be at the heart of the market when this happens.
Token price sitting at $0.56 | Source: XRPUSD on Tradingview.com
Featured image from CoinDesk, chart from Tradingview.com