XRP price has increased by 0.5% over the past 24 hours, moving to $0.5068 after Ripple announced a new oracle integration for XRP Ledger.
The integration with Band Protocol and DIA provides XRP Ledger – currently with over 130 validators across multiple countries – with more reliable real-time data for use with DeFi applications.
In the long run, this could make the XRP Ledger more attractive to institutions and other partners, potentially driving XRP prices massively in the further future.
And now, the approach of the US presidential election could help fuel bullishness across the market, with XRP likely to benefit more than most if Donald Trump wins tomorrow.
XRP Ledger’s New Feature Could Send XRP Price Skyrocketing – How High Can It Go?
Announced over the weekend, the new features will help improve the security and reliability of automated market makers and lending protocols running on the XRP Ledger.
The idea behind this is to attract more institutional investors into the XRP Ledger ecosystem, and while it is a modest and early step, it adds to other recent upgrades.
Back in June, developers launched the XRPL EVM Sidechain, a layer two network for the XRP Ledger that makes it compatible with the Ethereum Virtual Machine.
Ripple has expanded on this launch in recent months by revealing plans to bring smart contracts to the XRP Ledger, with this weekend's oracle announcement just the latest step in a long-term plan to make the ledger a real player in the DeFi ecosystem.
And this announcement helped XRP price break today's bearish trend, with the entire crypto market down 1.5%.
While XRP is down 2% in a week and 8% in two weeks, it appears to have bottomed out over the weekend and is now in a strong recovery position.
Source: TradingView
Its relative strength index (purple) has increased from 30 yesterday to 60 today and it looks like it will go higher.
It will be interesting to see if XRP can break above its resistance level (red), which is currently around $0.51.
If it can break above this level, it could rise to $0.52 soon after, especially if Trump wins the election tomorrow.
Polls suggest it will be a very close election, and while a Harris win would dampen the recent price surge, XRP should still hit $0.60 by the end of the year.
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