XRP Ledger Reveals Price Oracle Functionality for Real-Time Data

TLDR

• Ripple’s XRP Ledger is testing a native price oracle system for real-time exchange rate data.
• The price oracle will allow users to select currencies like USD, EUR, and JPY for payments.
• XRP Ledger’s price oracle aims to reduce reliance on external oracle services such as Chainlink.
• The new functionality could strengthen XRP Ledger’s infrastructure by providing decentralized price feeds.
• Ripple’s move to integrate a price oracle positions XRP Ledger as a competitor in the decentralized finance space.

Ripple’s XRP Ledger (XRPL) may soon integrate an Oracle network, enhancing the network’s functionality. New screenshots recently surfaced, showing an options interface labeled “XRPL price oracle.” This discovery suggests that Ripple could be testing a native price oracle system for real-time exchange rate data. The potential implementation of this feature may provide more self-sufficiency for XRPL, reducing reliance on external services.

XRP Ledger Price Oracle Interface

The screenshots revealed an interface titled “XRPL price oracle.” It showed a “Receive Payments” window that adjusts exchange rates based on the oracle’s data. Users could select currencies like USD, EUR, or JPY for payments processed through the system. This function allows XRPL to process payments using real-time exchange rates sourced from the XRP Ledger Price Oracle.

The existence of this interface indicates that Ripple is in the testing phase for its price oracle. If the integration is successful, it could allow XRPL users to access decentralized price feeds directly on the blockchain. This move aims to make the XRP Ledger more autonomous by reducing the need for external oracles like Chainlink.

The interface also suggests that XRP Ledger could soon offer competitive features that challenge Chainlink’s current dominance in decentralized finance (DeFi). Ripple’s attempt to integrate a native oracle could establish XRPL as a powerful player in providing decentralized price feeds.

XRP Ledger Develops Oracle for DeFi

Oracles are vital to blockchain ecosystems as they bridge the gap between real-world data and decentralized applications. They provide crucial price feeds, which allow smart contracts to function correctly in decentralized finance. By deploying an internal oracle, Ripple could reduce its reliance on external services, strengthening XRPL’s infrastructure.

Experts have suggested that Ripple’s development of an internal oracle network could help XRP Ledger compete with Chainlink. On August 25, crypto researcher SMQKE shared documents supporting the idea of Ripple building its own oracle system. This shift could redefine how price feeds are sourced on the XRP Ledger and disrupt the market.

Ripple’s internal oracle may provide more accurate and secure price data, directly benefiting XRP Ledger’s users. As decentralized applications rely heavily on oracles for settlement, this development could establish XRP Ledger as an essential part of DeFi’s future. With this, Ripple may pave the way for XRP Ledger to become a dominant data highway for financial markets.

The potential for XRP Ledger to host its own price oracle could mark a major milestone for Ripple. The integration would position XRPL as a direct competitor to Chainlink in the oracle space. While the timeline and full deployment are still unclear, Ripple’s ongoing tests signal significant progress in this area.

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