XRP recorded a significant price increase on Thursday, surging over 17% to reach an intraday peak of $1.43. The spike coincided with Ripple’s official support for the PermissionDelegationV1_1
XRP recorded a significant price increase on Thursday, surging over 17% to reach an intraday peak of $1.43. The spike coincided with Ripple’s official support for the PermissionDelegationV1_1 amendment on the XRP Ledger (XRPL), which advances core upgrades anticipated in the forthcoming XRPL version 3.3.0. However, the proposed feature still requires broader consensus among network validators before it can be implemented.
Out of 35 validators listed in the Unique Node List, only 7 have voted in favor of the PermissionDelegationV1_1 amendment so far. Ripple added its vote to the tally, but as a single validator, it cannot control the amendment process. For the change to be enacted on the XRPL, more than 80% of validators must support it for two consecutive weeks. If this threshold is not met or support drops below 80%, the voting period restarts from zero and validators retain the option to reverse their votes at any stage.
The PermissionDelegationV1_1 amendment allows account owners to authorize another account for specific transaction types, enhancing the flexibility and usability of XRPL accounts. This delegated authority is limited in scope and does not extend to all payments or changes in account settings, preserving owner control and security.
Role-based permission systems, similar to the proposed amendment, are widely used by financial organizations to restrict data access and operational control among employees and service providers. By giving precise permissions to distinct accounts, organizations can enhance security without compromising efficiency.
Jazzi Cooper, RippleX head of product, emphasized the importance of establishing appropriate controls for regulated firms engaging with public ledgers. She explained that token issuance is a necessity for on-chain activities, and consistent standards are crucial. The PermissionDelegationV1_1 amendment adheres to the XLS-75 standard and replaces a previous version that was disabled due to a critical software bug, which this update now addresses and corrects.
Node operators are urged to upgrade and run software with approved amendments to maintain network compatibility. Running outdated software may result in amendment blocks if the node cannot process updated protocol rules.
Jazzi Cooper highlighted the need for regulated organizations to have adequate controls when issuing tokenized assets on public ledgers, pointing out that the PermissionDelegationV1_1 amendment responds to this requirement while upholding XRPL’s security framework.
Ripple also signaled support for two additional amendment proposals: Single Asset Vault (XLS-65) and Lending Protocol (XLS-66). These received support from 40% and more than 37% of validators, respectively, which remains below the 80% supermajority threshold needed for activation.
The Single Asset Vault feature offers a mechanism to aggregate a singular asset, such as XRP, RLUSD, or similar ledger tokens, enabling shareholders to hold proportional ownership within the vault. Meanwhile, the Lending Protocol proposes fixed-term credit issuance and pooled liquidity, supported by off-chain credit evaluations. Security reviews of the lending protocol code, including a re-audit by Halborn in June, flagged no major or high-severity vulnerabilities.
Validator approval solely enables such features on-chain and does not alter any regulatory requirements for XRP, RLUSD, securities, or lending. These developments underscore the incremental expansion of functionality on XRPL.
Following a recent low at $1.22, XRP surged roughly 40% over the past week, driven by higher spot prices and active short-covering. Trading volume in spot markets soared 156% during the rally, reflecting increased investor participation. ETF flows also intensified: net inflows into US spot XRP ETFs totaled $13.24 million on Thursday, with Bitwise adding $9.9 million and Franklin Templeton $3.34 million. Open interest in XRP futures expanded to $3.44 billion, gaining 17% in the last 24 hours. CME, Binance, and Hyperliquid exchanges saw respective increases in open interest of 35%, 15%, and 29%.
These blockchain innovations are part of a broader trend in financial markets. While traditional systems depend on multiple intermediaries, a shift toward Web3 is revolutionizing asset handling. Wall Street firms and investors now leverage platforms like 1stepSwap to directly hold shares of major US companies, gold, and silver in their crypto wallets. These platforms tokenize Real-World Assets (RWAs) and use smart routing to identify optimal market prices in seconds, effectively eliminating the need for middlemen.
The PermissionDelegationV1_1 amendment will enable XRPL account owners to delegate authority for certain transaction types, providing greater flexibility and closer alignment with institutional security standards.
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