Korean blockchain software firm Peersyst Technology announced that MetaMask users can interact with XRP Ledger (XRPL) via XRPL Snap Integration. As MetaMask has more than 30 million users, this improvement is expected to help XRP bearers work with decentralized applications.
Users will be equipped to develop tools for transferring tokens in the XRP network and also handle non-fungible tokens (NFTs). To clarify, XRPL Snap is used for MetaMask interactions which connect to the XRP Ledger.
It functions as a non-EVM smart contract chain. This integration will expand the utility of the XRP Ledger by creating a new entry point to the underlying technology.
XRPL Snap Enables XRP Transactions and NFT Management
Furthermore, with the latest XRPL Snap, MetaMask consumers can execute multiple operations in the XRP Ledger environment. This comprises features such as opening and managing XRP wallets, sending and receiving XRP, and checking the history of transactions within MetaMask.
The functionality also encompasses the management of NFTs within the XRPL network adding to the blockchain’s suitability for digital asset investors and sellers. Moreover, the XRPL Snap feature also includes on-ramp payment method from Transak giving users ability to purchase XRP tokens.
This reduces the burden of getting hold of the Ripple’s native token XRP for people who wish to gain access to the XRPL network for which one needs to hold at least 10 XRP.
The introduction of XRPL Snap is anticipated to significantly increase the adoption of the XRP Ledger as MetaMask’s large and established user base gains access to its blockchain.
By providing a familiar platform for XRP transactions and NFT management, the Snap feature removes the need for users to switch between multiple wallets or platforms. With this integration user influx into the XRP Ledger will grow, which will result in increased liquidity for XRP.
The easier accessibility to XRP through MetaMask may attract both individual users and developers who can now integrate XRPL Snap functionality into their decentralized applications (dApps), further expanding the ecosystem.
This development comes as part of a broader effort to drive adoption and enhance the XRP Ledger’s standing in the cryptocurrency landscape. By offering simplified access to its features via MetaMask, XRPL Snap aims to make the XRP network more accessible to a wider audience, ultimately contributing to the growth of the ledger’s ecosystem.
XRP Price Outlook Amid XRPL Expansion
As XRPL integration with MetaMask is rolled out, attention turns to the potential effects this may have on XRP price. With over 30 million MetaMask users now having direct access to the XRP Ledger, some market observers suggest this could lead to a rally in XRP prices.
Increased demand for XRP, driven by the ease of access and expanded use cases may create upward pressure on the token’s value. The expanded user base, coupled with growing interest in NFTs and decentralized finance (DeFi) applications, could serve as catalysts for price movement.
While the full impact of the XRPL Snap feature on XRP price remains to be seen, the potential for increased adoption and liquidity is likely to influence market sentiment.
However, despite the development, at press time, XRP price is $0.53, reflecting a 1.44% decline over the past seven days. The crypto has a market cap of $30.22 billion and a 24-hour trading volume of $1.13 billion.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
