Oracles Boost XRP Ledger DeFi: Band Protocol and DIA Deliver Reliable Data Feeds for Ripple

• Oracles like Band Protocol and DIA are enhancing XRP Ledger’s DeFi capabilities.
• Ripple’s focus includes institutional adoption, interoperability, and launching a USD-backed stablecoin.

Subsequent to the previous CNF update on Ripple President Highlights XRPL EVM Sidechain in the Q2 Report, the quarterly XRP Markets Report published by Ripple provides transparency and regular updates on the state of crypto markets, relevant XRP Ledger and XRP-related announcements, and market developments from the previous quarter.

Following Ripple’s official tweet, it was further highlighted that the Q2 ’24 XRP Markets Report emphasizes the persistent volatility in overall crypto markets during the quarter.

The Q2 ’24 XRP Markets Report is now live – while overall crypto markets saw high volatility over the quarter, institutional adoption remained front and center through RWA tokenization and key regulatory milestones such as MiCA going into effect. https://t.co/UTL5NQSWHk

— Ripple (@Ripple) August 2, 2024

Despite this, institutional adoption remained a key focus, driven by the tokenization of real-world assets (RWA) and significant regulatory milestones, including the implementation of the Markets in Crypto-Assets (MiCA) regulation.

As detailed in the report, the XRP Spot Exchange Volume chart shows that traded volumes remained elevated throughout the first half of the quarter. Binance continued to account for a significant portion of this volume, while contributions from other exchanges, particularly Bybit and Upbit, varied. The latter half of Q2 maintained consistently high traded volumes across the major exchanges.

Chart of XRP Spot Exchange Volume (Source:Q2 2024 XRP Markets Report)

On the XRP Ledger, several developments were highlighted, including the integration of Axelar for enhanced interoperability, the introduction of Oracles for institutional DeFi applications, and the upcoming Multi-Purpose Token (MPT) standard for tokenizing diverse assets. Ripple also announced plans to launch a stablecoin, Ripple USD, which will be backed by U.S. dollar deposits and other cash equivalents.

Overall, despite the price of XRP according to Coin Market Cap data today at $0.472 with a drop of 15.11% in the past day and 22.30% in the past week, it appears that Oracles Boost XRP Ledger DeFi, and that Band Protocol and DIA Deliver Reliable Data Feeds for Ripple.

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