The XRP Ledger boasts a robust technical foundation for tokenizing real-world assets (RWAs). Recently, Ripple’s Chief Technology Officer, David Schwartz, offered insights into when traders might witness the launch of RWA projects on the XRPL mainnet.
While speaking during a recent podcast interview, Schwartz predicted that within the next year or year and a half, traders could witness the launch of tokenization projects centered around real-world assets on the XRP Ledger. According to him, what makes the XRP Ledger an ideal launching pad for tokenization protocols is the minimal transaction fees and its seamless integration with on-chain systems.
Meanwhile, Crypto enthusiasts on Twitter have speculated that assets like Gold and real estate might be among the pioneers to have their digital representations on the XRP Ledger.
XRPL’s Pending Proposal
Amid these developments, the XRP Ledger community anticipates the verdict from validators regarding activating the XLS-30d proposal, also known as “XRPL AMM.” This proposal aims to introduce seamless non-custodial exchange functionality to the XRP Ledger, positioning it as a top player in the DeFi sector.
However, the proposal has garnered limited support from the community. Only two validators, namely Ripple itself and katczynski.net, have expressed their support for the proposal’s inclusion in the Ripple v1.12.0 release.
The proposal still requires 24 additional votes from validators before it can be passed. Another pivotal amendment (Clawback), which aims to ensure XRPL’s regulatory compliance, has received 15.5% support, with five validators casting their affirmations.
Ripple CTO Debunks Hoskinson’s Claims
This week, Schwartz engaged in a Twitter exchange with Cardano founder Charles Hoskinson. During an AMA session earlier this week, Hoskinson discussed the ETHgate conspiracy, contending that Ethereum received preferential treatment from the Securities and Exchange Commission (SEC) because the US regulator maintained that ETH did not qualify as a security.
This stance contrasted with the SEC’s claim that all cryptocurrencies except Bitcoin are securities. While some consider the US SEC’s action as corruption, Hoskinson argued it was more a case of favoritism.
However, Schwartz presented a contrasting perspective in a tweet, contending that when a government actor exhibits favoritism in line with their interests and those of their associates, it is a clear case of corruption. This underscores a significant disagreement in perspectives, reflecting Ripple’s unwavering stance.
Ripple Whales’ Strategic Accumulation
Meanwhile, on-chain data shows that Ripple whales, those holding between 1 million and 10 million XRP tokens, have purchased over 90 million XRP tokens, valued at approximately $43 million, over the past fourteen days. Consequently, their collective holdings surged from 3.75 billion XRP to 3.84 billion XRP.
Since December 2022, XRP whales have had substantial influence over XRP’s price action. Their strategic acquisitions and sales have resulted in periods of spikes and dips in XRP’s valuation.
Nevertheless, this surge in the whale’s XRP accumulation suggests that an XRP bullish run is imminent. This is a good development, given that the XRP price has been down by more than 6% over the last 14 days.
