XRP Ledger to Launch AMM Feature for RLUSD Stablecoin Today
The XRP Ledger (XRPL) will launch a new Automated Market Maker (AMM) feature for the Ripple USD (RLUSD) stablecoin on Thursday at 7:37 PM UTC. This follows the fulfillment of an 80% validator consensus requirement.
Key points include:
- The AMM feature aims to enhance liquidity and boost DeFi activity on XRPL's decentralized exchange (DEX).
- AMMs allow trading without traditional order books, promoting efficiency.
- RLUSD was previously excluded from AMM participation due to a clawback restriction related to regulatory compliance.
AMMClawback Feature
The newly introduced amendment XLS-73d implements the AMMClawback feature. It allows token issuers to reclaim assets in AMM pools while maintaining compliance. Key aspects are:
- 91.43% of validators approved the amendment.
- Issuers can freeze or claw back tokens in AMM pools.
- Unauthorized wallets cannot deposit paired assets.
This update could facilitate an XRP/RLUSD AMM pool, potentially increasing liquidity for both tokens.
XRP Price Action
XRP is currently priced around $3.10, reflecting a 1.3% increase in the past 24 hours. Indicators show:
- RSI at 62.06 indicates moderate bullish momentum.
- MACD histogram suggests a bullish crossover.
- Potential resistance at $3.15 and target at $3.50 if upward momentum continues.
- Possible retest of support near $3.00 if bullish momentum weakens.
Source: TradingView