Bitcoin
SBI Holdings Launches Validator on XRP Ledger, What’s Next?
In an attention-grabbing event, SBI Holdings’ Japan-based crypto division, SBI VC Trade, recently announced that it is starting node operation as a validator on the XRP Ledger. As of today, May 10, the layer 1 blockchain (XRPL) remains poised to leverage the services offered by one of Japan’s most prominent crypto companies, further enhancing the development of the ecosystem.
XRPL is a decentralized layer 1 blockchain which supports XRP, a renowned cryptocurrency backed by Ripple Labs. SBI VC Trade’s venture in joining XRPL as a validator mainly involves participating in tasks such as validating and propagating transactions, maintaining the blockchain ledger, participating in the consensus mechanism (proof of work or proof of stake) and ensuring security and network integrity.
XRPL glimpses hope for the future
In an official statement released on May 10, it was warned that SBI VC Commerce will now function as a validator and remain ready to join the list of ‘trusted validators’ (UNL-Unique Node List) on the network. “Our company aims to be a validator that reflects the voices of the XRP holder community in Japan,” added SBI VC.
Looking ahead, the company’s statement revealed that if it is successfully registered as a validator with UNL, it may consider voting decisions in validator voting for new features.
Meanwhile, pro-XRP advocate Bill Morgan recently posted on X highlighting this development. The post, stating “really good news”, further fueled optimism surrounding XRPL and therefore the future of XRP.
However, the crypto token appears to be defying broader market trends to date, trading in the red.
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XRP Price Receipts
Although the broader crypto market has recovered, with Bitcoin gaining 2.09% to $62,938 and most altcoins following the rise, XRP Price we are witnessing a recession. At the time of writing, the price of XRP has fallen by 0.77% in the last 24 hours and is currently trading at $0.5177.
Additionally, the market cap of the Ripple-backed token fell 0.81% to $28.65 billion, followed by an 8.09% drop in 24-hour trading volume to $970.40 million . Currently, the token’s broader chart illustrates a consolidation phase, with crypto investors eagerly awaiting a potential bull run for XRP surpassing $1 ahead.
However, regulatory uncertainties still cloud the token’s future price movements as the Ripple vs. US SEC the process continues to dominate the crypto market. Furthermore, the aforementioned development has sparked optimism for XRP’s crypto venture.
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