#XRP rallies from over eleven-month low of $0.41 as developers suggest native lending on XRPLedger
🚨After hitting an eleven-month low of $0.41 over the weekend, XRP rose over $0.50.
🚨Ripple wants an on-chain lending mechanism for the XRPLedger's DeFi.
🚨Developers proposed a Native Lending Protocol to facilitate digital asset borrowing and lending.
🚨On Monday, Ripple rose over $0.50 from its weekend low of $0.4188. XRPLedger developers propose a Native Lending Protocol to let Ripple enter DeFi, lending and borrowing for users.
🚨XRPLedger engineers Aanchal Malhotre and Vito Tumas suggested a blockchain-based Native Lending Protocol.
🚨The proposal will improve Ripple's DeFi features to enable direct lending and borrowing from the XRPLedger.
🚨Financial inclusion, transparency, and efficiency on Ripple's native blockchain would result from the lending protocol's approval.
🚨Borrowers and Pool Delegates will agree on loan conditions off-chain and record them, enabling fixed-term loans and pre-set interest accrual.
🚨This eliminates off-chain underwriting, risk management, and default-related first-loss capital protection.
🚨XRPLedger might entice developers to create and integrate blockchain-based lending DApps for a variety of use cases.
🚨XRP rises beyond $0.50 following liquidity wash at $0.41
🚨XRP rose over $0.50 on Monday after falling below $0.4188 for the first time since May 2023. The cryptocurrency hit $0.4188 over the weekend, an eleven-month low.
🚨XRP has been over $0.50 since February 2024. If XRP falls, support is around $0.4117 and resistance is at $0.5310, the 50% Fibonacci retracement of its slide from April 9's top of $0.6431.
🚨RSI rose to 34.13 on Monday after falling below 30 . Moving Average Convergence Divergence red bars below the neutral line signal XRP price may fall further.
🚨A daily candlestick close over $0.50 might disprove the bearish thesis and push XRP to the April 9 local peak at $0.6431. XRP finds resistance at $0.5623, which supported it in March 2024.
