The Ripple (XRP) ecosystem is seeing a potential increase in adoption with a recent development from RippleX, the development arm of Ripple. They have introduced significant improvements to the XRP Ledger (XRPL) with a new transaction processing upgrade called specification XLS-68d.
Despite a lack of momentum in its price in recent weeks, Ripple experienced a surge on Thursday which could be attributed to this announcement. Ripple has struggled to initiate a bull run in 2024 so far.
Heading into this year, there was optimism surrounding XRP as the legal conflict with the US Securities and Exchange Commission (SEC) was potentially nearing a resolution. However, with the lawsuit still ongoing, XRP has remained stable. The recent development by RippleX could change this trajectory and lead to increased adoption of XRP.
The release of specification XLS-68d by RippleX senior software engineer Mayukha Vadari includes a feature that allows platforms to sponsor transaction fees and reserves for users. This could have a significant impact on expanding the reach of XRP and making it easier for new users to onboard.
The delegation of transaction fees and reserves by platforms is a crucial step in simplifying the user experience with XRP and attracting new participants to the market. This feature is common on other platforms and is a valuable addition to XRPL.
In terms of performance, XRP has shown positive growth in the last 24 hours, with an increase of over 2.31% according to CoinMarketCap. This rise to over $0.52 marks a positive shift for XRP, which had seen a decline of more than 12% in the past month.