XRPL Drops Reserve Requirements, CTO David Schwartz Addresses Voting Mechanism Concerns as XRP Climbs Above $2.50

Ripple's blockchain network, XRPL, just lowered reserve requirements for using the XRP Ledger blockchain. Ripple CTO David Schwartz and XRPL CEO Daniel Keller talked about the changes with the XRP community as the altcoin climbed above $2.50.

Ripple’s blockchain community is celebrating a key development after XRPL lowered reserve requirements for using the XRP Ledger blockchain. The news comes as XRP fiyatı rose above the $2.50 mark.

Ripple CTO David Schwartz and XRPL CEO Daniel Keller engaged with the XRP community, discussing the changes and sharing their perspectives. As the altcoin’s price continues to surge, let’s dive into the details.

Schwartz Highlights XRPL Governance Concerns

Taking to X (formerly Twitter), Schwartz addressed concerns regarding XRPL’s voting mechanism, which is designed for coordinating features but can also be used for governance. However, Schwartz pointed out that XRPL governance is “not particularly good.”

The voting mechanism for XRPL is intended to coordinate features. It can govern, but not particularly well. Only active validators participate in voting, and sometimes validators can be inactive. This can cause instability when decisions are close.

Typically, active validators vote on proposals for changing reserves. However, there is no mechanism for setting validator preferences for reserves. Instead, there is a default preference. This can lead to problems.

To resolve this issue, Schwartz suggested requiring validators to actively choose to vote on reserve increases. Additionally, he proposed a default neutral position for reserve preferences, which would make the process more predictable and avoidfR XRP fiyatı Surges Past $2.50, XRPL Lowers Reserve Requirements for Users

It is worth noting that XRPL lowered the reserve requirements to use the blockchain. The new numbers are 1 XRP base reserve per account (down from 10 XRP) and 0.2 XRP owner reserve increment per item (down from 2 XRP). The base cost to send a transaction (10 drops) stays the same.

Schwartz commented on the reduction, stating that it was necessary but perhaps a bit aggressive. He emphasized the importance of making careful changes to reserves.

Raising reserves limits XRP liquidity and could look like unfair influence. However, reducing reserves unlocks XRP for all accounts immediately, which helps users without hurting network security.

XRPL CEO's Perspective on Reserve Changes

As XRP fiyatı continued to rise, showing a 4.11% increase over the past 24 hours and trading at $2.51, Keller shared his thoughts on the development.

According to CoinMarketCap, XRP is up 4.11% in the past 24 hours and trades at $2.51. In the last 30 days, prices increased by a massive 140.18%. These changes for the XRP community and XRPL users could push the altcoin towards $3 soon.

Based on data from CoinMarketCap, XRP is currently ranked 6th with a market capitalization of 54.8 billion. The altcoin’s 24-hour trading volume stands at around 3.2 billion. XRP fiyatı has been on a remarkable upswing lately, surging over 140% in the past 30 days.

This impressive rally is largely attributed to the community’s anticipation of key developments, including the upcoming launch of Ripple’s long-awaited RLUSD stablecoin and the anticipation of a favorable conclusion to the ongoing SEC lawsuit.