- XRP Ledger upgrade introduces decentralized KYC and AML compliance features.
- Credentials amendment enhances XRP with new transaction types and functionalities.
- XRP’s price surges 400%, eyes potential gains towards $4.
XRP Ledger is about to undergo a significant transformation with the activation of the Credentials amendment. This new functionality, which will be introduced in the next few hours, will make compliance management easier by providing a decentralized means of managing Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.
With 28 out of 35 votes in favor, representing 82.86% approval, the Credentials amendment is on track for activation at 3:51:21 a.m. UTC. The upgrade introduces three major types of transactions to the ledger: CredentialCreate, Credential Accept, and Credential Delete.
Through these transactions, users can create, accept, and delete credentials, thereby streamlining compliance and authorization management and making it much more decentralized.
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Alongside these new transaction types, the amendment also modifies existing transaction fields and introduces a new kind of ledger entry, enabling smoother credential lookups. This innovation aims to simplify regulatory compliance for both users and institutions and help them attest to their compliance status easily and without disruption.
Impact of the Credentials Amendment
This upgrade is set to position XRP Ledger as a crucial player in industries requiring strict compliance, particularly in the financial sector. Incorporating this compliance functionality into the XRP Ledger would also probably open up opportunities for increased adoption since users are now able to show their regulatory compliance in a decentralized fashion without having to go to centralized actors.
With the Credentials amendment on the verge of becoming active, it has the potential to shape the future of regulatory compliance regulations within decentralized networks, which would place XRP Ledger in an excellent position to navigate the changing blockchain market.
XRP’s Market Performance Remains Strong
In addition to this technical advancement, XRP’s market performance has been equally impressive. XRP has gained 400 percent in the last 12 months, way ahead of Bitcoin and Ethereum. XRP is up at the moment at $2.87, but it has recovered after a six-day decline based on the overall optimistic market mood.
Key resistance levels closely monitored by analysts include $3.09, $3.38, and $3.66. Once these levels are broken, XRP might hit the $4 level. On the negative side, support is at $2.48, which may be a very critical floor once the price goes into another pullback.
Conclusion
The following amendment to the XRP Ledger is called Credentials and marks one of the most significant changes in the history of decentralized compliance systems. As these new capabilities are launched, XRP is set to become even more established within the crypto sphere and beyond, providing users and institutions with an even safer and more efficient solution to compliance management.
As XRP continues to show impressive market growth, the combination of this update and its price momentum will undoubtedly make it one to watch in the coming weeks.
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