RippleX has revealed that it will be resetting the XRP Ledger (XRPL) Testnet on August 19, 2024, at 3:00 AM EST. The reset process is expected to last for 15 minutes and aims to improve the stability of Testnet. RippleX pointed out that such resets are key to maintaining a sound testing ground for both developers and users.
Moreover, RippleX is planning to find permanent ways to enhance and make the Testnet even more reliable. Some of the solutions include: limiting Testnet XRP usage to ease network stress, improving protection measures of the Testnet, and scheduling future resets.
The restriction of access to Testnet XRP is to avoid congestion and misuse of the network so that it can achieve its testing objectives.
Ripple Strategic Partnerships
In parallel with these Testnet improvements, RippleX is considering the integration of the Ethereum Virtual Machine (EVM) onto the XRPL. This could be useful in Decentralized Finance (DeFi) and real-world assets tokenization.
The collaboration between RippleX and Axelar enhances the connection of the XRPL EVM sidechain since Axelar will be the only bridge for the sidechain token. This integration is further boosted by Axelar’s ability to connect over 50 blockchains. Another partnership is with Archax which is planning to onboard hundreds of millions of dollars of tokenized real-world assets to the XRPL.
Also, there has been an increase in the activity of XRPL mainly because of the adoption of micropayment transactions. These small and frequent transactions have recently become a major part of the daily transaction volume in the network.
RippleX is setting the stage for XRPL expansion and adoption to the changing crypto environment with these initiatives.
Ripple (XRP) Potential Price Surge
In another development, Analyst Javon Marks has published an analysis of the trends in XRP’s prices. He stated that soon the prices may spike and go beyond expectations. On X, Marks gave a more detailed outlook where he identified a long-term symmetrical triangle pattern, which could lead to a high volatility of the price of XRP.
The symmetrical triangle formation was established after a retracement from the high of $3.31 in January 2018. Thus, for more than 2,400 days, the price of this cryptocurrency has been trading within this pattern and forming lower highs and higher lows. This arrangement is similar to another pattern that occurred from 2014 to 2017 before culminating in a big move. In that period, the price of a single XRP rose by more than 60,000%.
XRP Rally Could Surpass Expectations
Marks’ confidence in a bullish breakout hinges on this historical precedent. He noted that recent price action shows signs of a bullish divergence, supported by the Relative Strength Index (RSI) indicators. Despite bulls failing to sustain a recent breakout attempt, the underlying patterns still suggest that a bullish breakout could be imminent.
Marks estimates that a conservative breakout could target levels between $15 and $18, representing a substantial increase of over 2,100% from current levels. However, he also hints at the possibility of a more extensive follow-through on a logarithmic scale, propelling XRP‘s price to more than $100, translating to a monumental 20x rise.
Drawing from his experience and past market behaviors, Marks emphasized that XRP’s future levels may exceed many current expectations. At press time, XRP was trading at $0.5152, a 6.31% rise in the last 24 hours.
