- Ripple’s XRP Ledger now supports Ethereum-compatible smart contracts following the mainnet launch.
- Ethereum-based DApps and smart contracts can operate on XRP ledgers within the ecosystem.
- XRP could aim to retest resistance levels, potentially gaining 10% to reach a high of 2.4399 on May 16.
On Monday, Peersyst Technology, which utilizes the XRP ledger blockchain, announced a significant development. They introduced a new sidechain that integrates Ethereum-based applications (DApps) and the XRP ledger.
The mainnet rollout enables Ethereum-compatible applications to tap into the liquidity and user activity present in the XRP ecosystem.
Native tokens on the XRP ledger may see advantages from this development.
XRP Ledger expands access for Ethereum-based applications
In a post on social media platform X, Peersyst shared an exciting update regarding its new sidechain applications on the XRP Ledger. They announced the launch of an EVM-compatible sidechain mainnet within the XRP ledger, the blockchain leveraged by Ripple for payment processing.
Ripple relies on XRP ledgers for various functions, including cross-border payments, crypto liquidity, and central bank digital currency services. This reliance on the XRP ledger and its native tokens—XRP—has the potential to enhance their adoption and utility, possibly leading to a price increase over time.
XRP might see a potential increase of nearly 10%
The XRP/USDT daily price chart indicated a slight gain for the tokens on Monday, even as XRP has been on a downward trend, consolidating below a resistance level of $2.6549 for almost three months. Daily candlesticks that surpass resistance at the $2.4399 mark could signal the conclusion of the consolidation phase.
This $2.4399 resistance aligns with the lower boundary of the fair value gap (FVG) on the daily chart.
Two key momentum indicators reinforce XRP’s bullish outlook: the relative strength index (RSI) stands at 53 and is moving upwards, while the moving average convergence divergence (MACD) shows a positive histogram above the neutral line.
XRP/USDT Daily Price Chart
On the other hand, daily candlesticks have shown a low of $2.1316 on June 24, which could hinder profit margins and prompt AltCoin to gather liquidity at two critical support levels, considered psychologically significant.
