- XRP Ledger experienced technical glitches in its Automated Market Maker (AMM) Liquidity Pools, prompting Ripple to urge community participation in resolving the issue swiftly through an amendment process.
- Despite the hiccup, XRP price sustained its upward momentum, climbing above $0.63 on Monday, with technical analysis indicating a bullish sentiment and potential resistance levels ahead.
Ripple, the blockchain payments firm behind the XRP Ledger, encountered a hiccup over the weekend as its Automated Market Makers (AMM) Liquidity Pools experienced a technical glitch. This issue led to disruptions in transactions, prompting Ripple to call for community involvement in resolving the error swiftly.
In an official announcement, Ripple disclosed the discrepancy in certain AMM pools, highlighting that transactions were not executing as intended. As Ripple’s engineering team diligently works on rectifying the issue, users were cautioned against depositing new funds into AMM pools. Those holding LP tokens were advised to consider redeeming them until the problem is resolved.
The glitch affected the functionality of the DEX payment engine, impacting liquidity routing through AMM pools and order books in complex payment path scenarios. Ripple emphasized the importance of community participation in addressing the issue, urging users to vote on proposed fixes through an amendment process.
The issue has been identified – the discrepancy affected how the DEX payment engine routes liquidity through AMM pools and order books in some complex payment path scenarios. We’re reviewing the proposed fix now with the community (thank you @OrchestraFi, @_tequ_, etc), which…
— RippleX (@RippleXDev) March 24, 2024
Despite the technical setback, the price of XRP, Ripple’s native cryptocurrency, continued its upward trajectory, maintaining a value above $0.63 on Monday. Technical analysis reveals a bullish sentiment as XRP price recorded a nearly 2% increase on the weekly timeframe.
Resistance levels at $0.6561 and $0.7025 lie ahead as XRP aims to retrace its year-to-date peak of $0.7440. These levels correspond to Fibonacci retracement points, signifying potential hurdles in the cryptocurrency’s upward movement. However, sustained positive momentum could propel XRP price beyond its year-to-date peak, possibly filling the Fair Value Gap between $0.7527 and $0.7609.
Supporting the bullish outlook, the Moving Average Convergence/Divergence (MACD) indicator indicates positive momentum, with green bars above the zero line. Nevertheless, caution is warranted as a downturn could see XRP price testing support levels at $0.60 and the March 20 low of $0.5681.
As Ripple addresses the AMM pool error, community engagement remains pivotal in ensuring the smooth functioning of the XRP Ledger. With technical fixes underway and positive market sentiment prevailing, XRP’s journey towards higher price levels continues amidst temporary setbacks.
