From CryptoPotato · By Jordan Lyanchev
Ripple and the XRP Ledger continue to advance on the development front, with the proposed institutional lending system gaining more validator support and a major Testnet/Devnet reset approaching.
Meanwhile, the underlying asset’s price has fallen further, coming just inches away from testing the key $1.00 support as ETF demand fades and sellers continue to dominate.
Important Ripple and XRPL News
Ripple’s lending system moves closer to launch as the proposed XRP Ledger lending protocol has gained additional validator support, rising from 19 votes a month ago to 22 out of 35 as of this week. However, the amendment still needs support from 29 validators for two consecutive weeks before activation, while the related SingleAssetVault amendment currently has 23.
The system is designed to enable fixed-term, uncollateralized lending for institutions such as banks and payment companies, with underwriting and risk management handled off-chain.
XRPL Testnet and Devnet will be reset: Developers will reset both networks on November 25, deleting all existing accounts, balances, transactions, tokens, AMMs, escrows, and other on-chain data.
The main goal is to address infrastructure problems and improve full-history server stability, while the XRPL mainnet will remain completely unaffected. Devs using the testing environments will need to recreate their accounts and obtain new test XRP afterward.
Controversy and ETF Struggles
Meanwhile, some controversy stemmed from David Schwartz’s recent comments. The former Ripple CTO, who was among the key people behind XRPL, revealed that he has not purchased XRP for years and has reduced his holdings from roughly 26 million tokens to 3 million, explaining that he is personally highly risk-averse.
His comments on X sparked criticism from some XRP holders, who questioned why one of XRPL’s architects would dramatically reduce his exposure despite Ripple’s growing ecosystem. Schwartz explained that his decisions reflect his personal tolerance for financial risk rather than a prediction that XRP will fail.
CryptoPotato recently reported that demand for the XRP ETFs has seemingly disappeared, as the funds saw little to no action during the previous business week, with four of the five days showing $0.00 in net flows. The only day with activity was November 2, when outflows dominated.
The landscape worsened at the start of the current business week, with $10.42 million in net outflows on Monday and another $7.62 million on Tuesday. Wednesday was another no-show day. The last time the XRP ETFs were in the green was on October 29.
XRP Price Update
The cross-border token took the overall market calamity quite badly, becoming the poorest performer among the larger-cap digital assets on a few occasions. It dipped to a multi-month low of $1.03 earlier this week, shedding 17% of its value in seven days. One analyst attributed the particularly severe decline partly to alleged manipulation and leveraged liquidations.