Ripple Utilizes Chainlink for Accurate RLUSD Data

user avatar

by Giorgi Kostiuk

2 years ago

Ripple takes a significant step by integrating Chainlink's blockchain technology to provide accurate pricing data for its RLUSD stablecoin.

Ripple and Chainlink Integration

Ripple has integrated Chainlink's blockchain technology to provide accurate pricing data for its RLUSD stablecoin. RLUSD is a USD-backed virtual currency developed for secure and fast payments, backed on both Ledger and Ethereum blockchains.

Significance of Chainlink Technology

For RLUSD to be effective in DeFi applications like lending or trading, accurate pricing data is crucial. Chainlink provides this through a decentralized network of oracles that connect blockchain applications with real-world data, reducing inaccuracies and minimizing manipulation risks. Ripple chose Chainlink for its proven security and reliability.

Current XRP Movement

At the time of writing, the price of XRP is hovering around $2.29, down 2.67% in the last 24 hours. On January 6, XRP's open interest surged by over 40% from 1.09 billion to 1.53 billion XRP. This increase indicates new liquidity flow, highlighting a bullish sentiment for XRP. Positive flows in XRP investment products were also noted.

The integration of Chainlink showcases Ripple's commitment to ensuring the reliability and accuracy of its RLUSD stablecoin, thereby strengthening its position in the DeFi space.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Dormant Bitcoin Wallets Come to Life

chest

Six dormant Bitcoin wallets have moved a total of 55,359 BTC, worth approximately $40.15 million, between August 16 and August 26.

user avatarSatoshi Nakamura

SEC Proposes New Rules for Crypto Custody Regulations

chest

The SEC has proposed new rules to modernize crypto custody regulations for investment advisers and companies.

user avatarJesper Sørensen

US Law Blocks Federal Reserve from Issuing Digital Currency Until 2030

chest

US Congress passed a law blocking the Federal Reserve from issuing a digital currency until 2030.

user avatarRajesh Kumar

ECB Executive Addresses Privacy Concerns of Digital Euro

chest

Piero Cipollone from the European Central Bank addresses privacy concerns regarding the digital euro, emphasizing user privacy and transaction confidentiality.

user avatarLucas Weissmann

Bitcoin Futures Traders Abandon Crypto for Stablecoin Margin

chest

Bitcoin futures traders have largely abandoned using Bitcoin as collateral for their positions, opting for stablecoin-backed positions to avoid risks associated with price drops.

user avatarFilippo Romano

Gold Prices Surge to Three-Month High

chest

Gold prices surged to a three-month high, reaching $4,696.18 an ounce, driven by a weaker dollar and falling Treasury yields.

user avatarEmily Carter

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.