RippleX, a platform that provides Ripple XRP Ledger developers with infrastructure, tools, and services, announced the launch of a ready-to-use version of its Automated Market Maker (AMM) Feature in a Devnet.
Automated Market Makers, or AMMs, are an important part of the Defiecosystem.
They enable the automatic and permissionless trading of digital assets via liquidity pools rather than the conventional means of connecting buyers to sellers.
As per the announcement, developers will be able to test the new XLS-30d AMM feature on Ripple's devnet. They can also build applications, ask questions, and get feedback on their work.
The XLS-30d will be integrated into the order-book-based DEX on the XRP Ledger.
Earlier in the year, the XRP team announced and shared the technical specifications of the XLS-30d.
It basically introduces a native AMM feature to the XRP ledger, as well as a new auction mechanism that incentives arbitrageurs while reducing the impact of the losses for the liquidity providers.
According to the Ripple CTO, David Schwartz, the XRP ledger has built-in DEXes with features like peer-to-peer lending and several others. This new AMM feature, according to Schwartz, will push the XRP ledger into a "leapfrog" over other DEXes.
This new AMM feature will be great for Ripple's Defi expansion because AMM arbitrage is faster and less risky when implemented on XRPL. It also increases system liquidity and revenues for liquidity providers.
The new AMM upgrade can increase the liquidity in the XRP ecosystem and, in certain circumstances, can greatly facilitate the expansion of on-demand liquidity (ODL).
Following thorough testing and community input, RippleX proposes a change to include XLS-30d in the XRPL mainnet. Like any upgrade, XLS-30d will next need to receive 80% of the validators on the XRP Ledger's approval.
XRP, in terms of price action, seems promising, despite the bearish direction of the general crypto market and the legal dispute between its parent company and the US Securities and Exchange Commission.
In particular, XRP must rise above the crucial level at $0.41 resistance to experience a more significant price increase to the next resistance level around the $0.45 zone.
XRP, at the time of writing, is trading at $0.3996 after recording an increase of 1.55% over the last 24 hours and 6.54% over the week, despite the loss of 10% on its monthly chart, as per data from CoinMarketCap.
After rallying to the upside all through the previous week for a retest of the $0.41 zone, the bears have pushed back against the bears and have sent the price of XRP into a rejection phase.
The cryptocurrency's price is now heading downwards, towards the bottom of its wedge formation, and is expected to hit this support around the $0.38 zone before another attempt at a $0.41 retest.
For the price of the cryptocurrency to rally towards the next support level around $0.45, it has to break and close above the $0.41 zone before the bears cause a breakdown of the lower support of the wedge.
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