However, on Thursday, September 14, the digital asset displayed a glimmer of hope as it embarked on a modest recovery, bolstered by positive sentiment stemming from recent advancements within Ripple’s XRPLedger (XRPL).
Notably, Ripple released a new version of the XRPLedger on Wednesday, September 13, urging all server operators to upgrade to the latest version to be able to vote for amendments.
What did the new version bring?
The 1.12.0 version of XRPL brought a string of new features and bug fixes. Most notably, the upgrade revealed three new amendments, including automated market making (AMM), Clawback, and fixReducedOffersV1.
The three new capabilities are currently open for voting through XRPLedger’s amendment process, which enables protocol changes after two weeks of over 80% validator support.
Out of those, the amendment that attracted the most attention is the AMM protocol. Launched on XRPL’s decentralized exchange (DEX), AMM allows users to trade assets without a counterparty.
Instead of having to trade directly with other users, the AMM uses algorithmic “money robots” to make it easier for individual investors to buy and sell cryptocurrencies.
Secondly, the clawback amendment introduces the “Allow Clawback” option, which lets users recover, or as its name says, ‘claw back’ tokens they issued earlier.
Finally, the fixReducedOffersV1 amendment is set to cut the occurrence of order books prevented by reduced offers.
XRP price analysis
At press time, XRP was changing hands at $0.49, up 1% in the past 24 hours.
The crypto token fell more than 2.3 over the past week and over 22% on the month, wiping roughly $7 billion off its market cap.
The latest recovery in XRP’s price could be a sign of an increase in buying pressure on the altcoin, fueled by a fresh wave of optimism that the new XRPL amendments brought, particularly the AMM feature.
XRP currently finds a support level at $0.45, indicating a price point at which buying interest has historically been strong. On the flip side, the cryptocurrency faces resistance at $0.50, a level that has historically posed a challenge for price advancement.
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