BREAKING: Ripple Approves XRP Ledger Sponsored Fees and Reserves Proposal

Ripple has finally voted in favor of the Sponsor amendment in the XRP Ledger upgrade, advancing the proposal closer towards mainnet activation. The company has now approved all the amendments introduced in the XRPL v3.3.0 upgrade.

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Ripple Clears XRP Ledger Sponsor Amendment for Mainnet Activation

According to XRPL data, Ripple UNL validator voted “Yea” to advance the Sponsor amendment set in the XRP Ledger v3.3.0 upgrade for mainnet activation. It focuses on institutional and consumer use cases, including tokenized real-world assets (RWA), payments, and platforms, while reducing initial XRP requirements for new users.

The amendment is known as XLS-68 Sponsored Fees and Reserves. It proposes to remove onboarding friction by allowing companies, token issuers, and other entities to subsidize transaction costs and reserve requirements for users.

Sponsors can co-sign transactions or pre-fund sponsorships, covering fees and reserves. Notably, sponsees retain full control of their accounts and keys. It will boost banks and institutions’ adoption of XRP Ledger as XRP and RLUSD assets linked to Ripple.

However, mainnet activation of the Sponsor (XLS-68) amendment requires at least 28/35 UNL validator votes or an 80% threshold for two consecutive weeks. The proposal has received 31.43% consensus as of now, as 11 UNL validators now support the proposal.

Meanwhile, XRP Ledger amendments such as PermissionDelegationV1_1 and BatchV1_1 have already activated on mainnet in early October. Also, FixCleanup3_4_0 under XRP Ledger 3.4.0 upgrade, which includes relevant sponsorship fixes, is likely to activate in the next few days.

XRP Ledger Foundation revealed nodes and validators have updated to the latest release and are ready for full XRP Ledger 3.3.0 upgrade. The foundation urged validators to finish voting on amendments to proceed with mainnet activation.

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XRP Price Action

XRP price has dropped more than 5% after hot CPI inflation data. The price is trading near $1.31, with a 24-hour low of $1.29 and a high of $1.38. Furthermore, trading volume has jumped by 38% over the last 24 hours, indicating interest among traders.

Analysts remain bullish on XRP price amid continued inflows into spot XRP ETFs, whale accumulations, and XRP Ledger developments. Crypto analyst Ali Martinez noted that price is still trading inside a parallel channel on the hourly chart, suggesting a drop to $1.25 before a rebound.

“That’s the level I’m watching for a potential buying opportunity,” he added. He predicts a bounce from $1.25 could trigger XRP price rally toward the mid-range at $1.42, or potentially the top of the channel at $1.60.

Meanwhile, XRP futures open interest fell 4% to $2.89 billion in the past 24 hours. The 24-hour XRP futures open interest on CME plunged more than 5% and 3.50% on Binance. However, futures open interest bounced almost 0.60% in just an hour.

Traders looking to capitalize on this volatility can utilize the best crypto futures trading platforms to find deep liquidity and competitive funding rates.