Over the recent weekend, Ripple encountered a technical snag within a few of its Automated Market Maker (AMM) Liquidity Pools, disrupting numerous transactions. The anomaly prompted Ripple to advise users to retrieve their LP tokens as its engineers urgently sought a resolution. Despite these challenges, XRP, Ripple’s native cryptocurrency, displayed resilience, managing to sustain its upward momentum on Monday, with a slight increase to $0.63 (approx. R11.97 at the current exchange rate of R18.99 to $1).
Ripple disclosed the issue through a Sunday tweet, revealing an inconsistency in some AMM pools that hindered proper transaction execution. The Ripple engineering team, alongside XRP community members, is actively addressing the fault. In the meantime, Ripple has urged the community to refrain from new deposits into the affected AMM pools and advised those holding LP tokens to redeem them.
The discrepancy notably impacts the routing of liquidity by the DEX payment engine through AMM pools and order books under complex payment paths. Ripple is preparing to submit the corrective measures for this glitch to an amendment voting process, emphasizing the need for rapid community action to suspend deposit functions.
As Ripple navigates through these technical difficulties, XRP’s price performance remains a focal point. Despite the hiccup, XRP has showcased a near 2% gain over the past week, firmly holding above the $0.63 mark (approx. R11.97). The cryptocurrency has been charting higher highs and lows since the end of last week, indicating a sustained uptrend on the 4-hour price chart.
XRP is currently confronting resistance levels at $0.6561 (approx. R12.45) and $0.7025 (approx. R13.34), key milestones on its path to reclaiming the year-to-date high of $0.7440 (approx. R14.12) from March 11. These resistance points correspond to the 50% and 23.6% Fibonacci retracement levels of the recent dip from the March 11 peak to the March 20 trough.
This episode highlights the technical challenges faced by digital payment platforms like Ripple and the resilience of cryptocurrencies like XRP, especially in markets like South Africa where digital finance is gaining momentum.
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