XRP Ledger Upgrade Addresses Node Issues as Price Analysis Turns Bullish

Critical Update for XRPL

The XRP Ledger (XRPL) has implemented a crucial upgrade to resolve issues affecting Full History (FH) nodes. The latest version, Rippled 2.2.3, addresses a limitation in SQLite page sizing that was causing FH node failures. This upgrade is recommended for all Full History servers using a page size of 4096, while validators have the option to upgrade or remain on the previous version.

Despite the FH node issues, which came to light over the weekend, the overall health of the network and consensus process remained unaffected. The XRPL community has been reassured that validators, crucial for the network’s security, were not impacted by the problem.

XRP Price Surges Amid Ecosystem Activity

In a significant move, Ripple co-founder Chris Larsen made his first XRP transfer in 11 years, moving 50 million XRP (approximately $29 million) to a new address. This transaction has sparked positive sentiment within the crypto community, contributing to a more than 4% increase in XRP’s price over the past 24 hours.

Bullish Price Analysis

The recent price action has ignited optimism among crypto analysts. XRP has surged 10% in the last week, breaking above levels not seen in nearly a month. Analyst CredibleCrypto suggests that XRP’s trajectory to a new all-time high is now a matter of “when” rather than “if.”

Long-Term Predictions

CredibleCrypto highlighted a multi-year bullish pennant pattern in XRP’s chart, suggesting that a “near 7-year compression will be coming to an end soon.” This could lead to a “legendary” rally, potentially pushing XRP beyond its previous all-time high of $3.4 and into double-digit territory.

Another analyst, Charlie.eth, predicts a mid-term target of $2.5 for XRP, with a long-term target between $10-$12. These bullish forecasts are based on technical analysis and the overall positive sentiment surrounding XRP following recent legal clarifications.

Current Market Status

At the time of writing, XRP is trading at $0.57, registering a 1% drop in the last 24 hours. The cryptocurrency has also seen a 13.6% increase in its daily market activity, reaching a trading volume of $1.29 billion.

Looking Ahead

As the XRP Ledger continues to evolve, the community anticipates future developments, including the launch of Multi-Purpose Tokens (MPTs) in the third quarter of 2024. This upgrade is expected to enhance the management and efficiency of tokenized assets on the blockchain, potentially driving further interest and adoption of XRP.