The XRPL oracle cost modification is now active, based on a thrilling announcement made by the official RippleX account. The positive development in the network with the ongoing US election could affect the XRP price.
Can XRPL Cost Oracle Affect The XRP Price?
The purpose of the XRPL cost oracle is to save pricing data about resource pairs that are not part of the XRP Ledger so that the smart contracts depending on it can utilize it.
A distributed ledger oracle is a system where a service provides the blockchain with external data accessible by decentralized applications (dApps) that rely on or work with the blockchain.
Oracles offer a safe and effective way to transfer real-world information to a blockchain system for use by smart contracts. This is especially important for organizational DeFi, which is essential to XRPL.
Unlike a Layer 2 like XRPL's AMM, XRPL's Oracle is protocol-native, which is integrated into the network's infrastructure. Connecting to and retrieving price feed data from external oracles like Band Protocol and DIA, which are already integrated into XRPL will also be possible.
Last week, the XRPL DID modifications went live, another important turning point for the XRP Ledger.
How US Election Could Affect The XRP Price
With an ambitious pro-crypto agenda, former President Donald Trump is trying to prevail over cryptocurrency supporters by making big commitments to the community.
Trump's promises to defend Bitcoin mining privileges, stop the creation of a Central Bank Digital Currency (CBDC), and improve America's reputation in the international cryptocurrency market have garnered media attention.
However, there are still concerns about his ability to fulfill his promises, as with numerous political pledges. The Republican Party Releases Their Draft Political Agenda
The Republican Party's July political program featured cryptocurrency as part of its innovation goal, which also included exploring space and artificial intelligence.
In addition to promising that a Trump-led government would uphold Americans' freedom to mine, standby, and trade digital currencies without government interference, the platform pledged to "end Democrats’ unconstitutional and unAmerican digital currencies crackdown."
At the Nashville 2024 Bitcoin Conference, Trump further mobilized cryptocurrency enthusiasts by vowing to oversee the end of the current administration's "anti-crypto crusade."
XRP Price Prediction Technical Analysis
In the daily chart of XRP price, the recent price action shows a corrective momentum, where near-term dynamic lines are above the current price.
In the main price chart, the 200 day Simple Moving Average is above the current price, following the bearish sentiment from the 50 day EMA line. Moreover, the price is sideways within a symmetrical triangle formation, which signals a possible breakout from a squeeze.
Based on this outlook a selling pressure is potent as long as the Ripple price trades below the 200 day SMA. A successful break of 50 day EMA, below the 200 day SMA could signal a valid Death Cross formation. In that case, the downside pressure might extend and find a support from the 0.4323 line.
The alternative approach is to wait for the price to move above the 0.5314 resistance level, which might opoen a long opportunity, towards the 0.6580 area.
