The XRP Ledger Update: Credentials Amendment
The XRP Ledger is on the verge of implementing a significant update known as the Credentials amendment, expected to be activated in just a few hours. This amendment, as detailed by Vet, is designed to facilitate the verification of compliance requirements, such as Know Your Customer (KYC) and Anti-Money Laundering (AML), specifically for users and institutions by leveraging Decentralized Identity.
Consensus and Activation Details
Achieving a substantial consensus, the Credentials amendment garnered approval from 28 out of 35 voting entities, equating to an impressive 82.86%. The scheduled activation time for this update is set for September 4, 2025, at precisely 3:51:21 a.m. UTC. As we approach the countdown, the addition of Credentials tools aims to standardize management processes surrounding authorization and compliance within the XRP Ledger ecosystem.
New Transaction Types and Enhancements
Documentation pertaining to the XRP Ledger outlines that this amendment introduces three new transaction types:
- CredentialCreate for the establishment of new credentials,
- CredentialAccept to acknowledge issued credentials,
- CredentialDelete for the removal of credentials from the ledger.
Furthermore, it alters existing transaction types, adds new fields, and introduces entirely new ledger entries while enhancing the functionality for looking up Credential entries.
Recent Developments and Market Performance
In recent times, the XRP Ledger has seen the successful activation of three additional amendments: fixAMMv1_3, fixEnforceNFTokenTrustlineV2, and fixPayChanCancelAfter, signaling a period of active development for the network.
From a market perspective, XRP has shown remarkable performance, boasting a 400% increase over the past year, far exceeding the gains of leading cryptocurrencies such as Bitcoin and Ethereum, which recorded growth of 88% and 73% respectively. Currently trading at $2.87, XRP has seen a 1.61% increase in the last 24 hours.
After a challenging streak of losses in early September, where it fell to a nadir of $2.69, XRP bounced back, reaching an intraday peak of $2.88. Those observing its price action are now eager to see how it will navigate through key resistance levels, with immediate targets set at $3.09, $3.38, and $3.66. Conversely, should a downturn occur, significant support is established at $2.48, aligning with the daily Simple Moving Average (SMA) of 200. This dynamic is critical as traders assess potential movements in the crypto market following a recent recovery phase.
