Opening an Account on XRP Ledger Just Became Cheaper

Divya  |  Sep 20, 2021

After several weeks of voting, the XRP Ledger has lowered its minimum reserve requirement to 10 XRPs and owner reserve requirement to 2 XRPs.

XRP Ledger Lowers Minimum Reserve Requirement for Opening an Account

Ripple’s XRP Ledger saw a significant change to rules recently. The platform no longer requires users to hold 20 XRPs to open an account. 

According to analysis platform XRPScan, the proposal to lower account base reserve has been passed following several weeks of voting. Subsequently, XRP owners need only 10 tokens to open an account and 2 tokens for each object owned in the ledger.

Reserve requirements are usually implemented to defend a network against malicious usage and curb excessive growth that stems from spam. As per XRP’s website:

“The goal is to constrain the growth of the ledger to match improvements in technology so that a current commodity-level machine can always fit the current ledger in RAM.”

The current changes can be rolled back if the network’s trusted validators reach a consensus. This flexibility is necessary to account for a considerable increase in XRP’s price. 

Ripple’s CTO David Schwartz had personally advocated lowering reserve requirements back in April. 

XRP Gaining Investors Despite Lawsuit With SEC

XRP is gaining a lot of attention these days despite the network’s legal woes in the US. As the case between its issuer Ripple and the US Securities and Exchange Commission (SEC) comes to an end, expectations around the cryptocurrency are at an all-time high. 

In the last three months, the number of active XRP addresses has jumped by 200 percent. Moreover, some experts predicting long-term profitability for the asset. 

Veteran trader Peter Brandt has cited a head-and-shoulders pattern on the charts to predict a bull run for the asset. According to Brandt, XRP’s price action is “constructively” ruled by a multi-year HnS pattern that has materialized on its weekly chart. 

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