Ripple's Lending Protocol Enters Testnet Phase

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 4 days ago

LRC+0.4%

DEFI-1.6%

XRP+0.615%

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Testnet Deployment: Ripple's native lending protocol has reached the testnet stage on the XRP Ledger, marking a significant advancement in the network's efforts to support decentralized finance functionalities, allowing developers and testers to interact in a non-production environment.
Native Integration Advantage: Positioned as native to Ripple and the XRP Ledger, the protocol could allow for tighter coupling with XRPL's consensus mechanism and built-in decentralized exchange, enhancing its competitive edge in the decentralized finance space.
Liquidity Attraction Potential: By adding a native lending layer, Ripple aims to attract liquidity and developer activity that has historically concentrated on Ethereum and its layer-2 networks, thereby broadening the utility profile of the XRP Ledger.
Future Uncertainties: Despite achieving the testnet milestone, critical details regarding the mainnet launch timeline, security audits, and risk parameters remain undisclosed, prompting developers and traders to treat this as an early signal rather than a confirmed product.

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Technical Analysis for LRC

Technical Sentiment Analysis for Loopring (LRC). As of , Loopring (LRC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 4 indicators are flashing buy, while 2 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for LRC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, LRC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Loopring (LRC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.00987	0.0108	0.0116	0.0125	0.0133	0.0142	0.015
Fibonacci	0.0108	0.0114	0.0118	0.0125	0.0131	0.0135	0.0142

About LRC

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges.In 2020, the average daily trading volume of the entire cryptocurrency market fluctuated in the approximate range of $50-$200 million. Most of that trading is conducted on centralized cryptocurrency exchanges — online platforms operated by private companies that store users’ funds and facilitate the matching of buy and sell orders.Such platforms have a number of downsides common to all of them, so a new type of exchange — decentralized— has emerged to try to alleviate these disadvantages. However, fully decentralized exchanges are not without their own flaws.Loopring’s purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.LRC tokens became available to the public during an initial coin offering (ICO) in August 2017, while the Loopring protocol was first deployed on Ethereum mainnet in December 2019.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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