Walter well, I would not necessarily say “XMP is the new standard”, because there is no uniformity in what app supports which of the standards, which version of it, and to what extent. In development of Tonfotos we test agains compatibility with Windows Explorer, Windows Photo and just a few most popular commercial photo management apps, but we obviously cant test agains all software which is out there. But yes, it looks like XMP metadata seems to be more preferable than others, at least as I see it. Every software in our compatibility list works well with metadata stored as XMP.
If you really want to dive into this rabbit hole, then the default go-to tool for that is exiftool. This is open source command line utility, selflessly maintained by single person, and over the years it became the reference tool for dealing with image metadata. It is quite low level tool, but it does the job.
Every time we have doubts in what is correct way to interpret this or that particular field in metadata, we check how exiftool does that and use same approach.