Ripple Launches EVM Compatible Sidechain as XRP Price Targets $2.70
XRP price is currently around $2.20, experiencing mild profit-taking after a weekend gain of 7%. The XRP Ledger has launched its Ethereum Virtual Machine (EVM) compatible sidechain on mainnet, allowing the deployment of decentralized applications.
Key Developments
- The XRPL EVM Sidechain allows for Ethereum smart contracts within the XRP ecosystem.
- Wrapped XRP (wXRP) will serve as the native gas token on this sidechain.
- XRP's trading volume hit a 30-day peak of $2.4 billion amid broader market stagnation.
- Price projections show a potential bullish reversal at the $2.40 resistance level, while a drop below $2.00 could lead to a target of $1.46.
- The MACD indicates early signs of bullish divergence, suggesting weakening bearish momentum.
The recent increase in trading volume may indicate rising demand, positioning traders for short-term moves. A decisive breakout above $2.40 could trigger further gains toward $2.70.
Market Context
Despite positive developments in the XRP ecosystem, other cryptocurrencies like Bitcoin, Ethereum, and Solana are trading below their weekend peaks, indicating a cautious market sentiment.
XRP price vs Trading Volume | Source: CoinmarketCap
Ripple (XRP) Price Forecast