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The Bank for International Settlements (BIS) utilized the XRP Ledger (XRPL) in an official statistics verification experiment.
According to U.Today on September 4 (local time), the Bank for International Settlements released Working Paper No. 1374 titled 'A Blockchain-based Approach to Verifiable Official Statistics' on September 2. The research team built and tested a system that generates cryptographic fingerprints of official data and records summary values on the XRP Ledger.
In the experiment, the banking and economic data itself was not stored on the XRP Ledger. Instead, individual datasets were hashed, results were combined when needed, and the generated values were recorded on the blockchain. The XRP Ledger development network, not a live operating network, was used for the experiment. In tests, verification took 1-2 seconds and data disclosure took approximately 3-5 seconds.
This study does not signify a collaboration between the BIS and Ripple, nor the adoption of XRP. No plans were presented to transition central bank infrastructure to the XRP Ledger. U.Today characterized this study as a technical proof-of-concept. However, it is significant that the XRP Ledger was tested as a public blockchain for official data verification, in addition to payments.
The XRP price trend has also entered a technically important phase. XRP rose by approximately 2.7% on a daily basis and maintained above $1.35, where its 200-day Exponential Moving Average (EMA) is located. In a previous rally, it climbed to about $1.7, but then profit-taking occurred. The Relative Strength Index (RSI) was around 62, having fallen from the overbought zone during its initial surge.
U.Today presented $1.35 as a key price level that will determine the short-term trend. It analyzed that if this level is held, XRP could retest $1.45-$1.5. Conversely, if $1.35 is lost, the bullish structure would weaken, and approximately $1.29, where the short-term moving average is located, could emerge as the next major price level.
[Article Key Summary]
-BIS researchers tested a system that generates cryptographic fingerprints of official statistical data and records summary values on the XRP Ledger development network.
-This study does not imply collaboration with Ripple or XRP adoption, and actual data was not stored on the XRP Ledger.
-XRP is holding $1.35, its 200-day Exponential Moving Average, as a support level, and whether it can break above $1.45-$1.5 again is noteworthy.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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