XRP Ledger is set for a major transformation with the activation of the Credentials update that will enhance KYC and AML management.
Credentials Update Features
The Credentials update, set to be activated in the coming hours, will simplify compliance with KYC and AML requirements through a decentralized method. The update has received 28 out of 35 votes in favor, representing 82.86%. It introduces three new transaction types: CredentialCreate, CredentialAccept, and CredentialDelete, allowing users to create, accept, and delete credentials more efficiently.
Impact of the Update on the Market
This update positions XRP Ledger as a key player in industries requiring strict compliance, particularly in the financial sector. The incorporation of compliance functionality enables users to demonstrate their regulatory compliance in a decentralized manner without resorting to centralized entities.
XRP Market: Dynamics and Forecasts
Alongside these technical advancements, XRP has shown a remarkable growth of 400% over the past year, currently standing at $2.87. Key resistance levels are noted at $3.09, $3.38, and $3.66, while support is at $2.48. Breaking these levels could lead to a surge towards $4.
The Credentials update to the XRP Ledger is one of the most significant changes in the realm of decentralized compliance. With ongoing market growth, this event is crucial for XRP's future and its users.
