Despite the bearish market sentiment, Ripple’s XRP has shown remarkable resilience. After falling below the $0.6 mark in early August, Ripple’s XRP has stabilized above $0.5, fluctuating between $0.5 and $0.6. The past seven days were $0.56 and $0.57 respectively.
Given the continued positive developments in the Ripple ecosystem, market participants expect the price to rise to $1 soon.
By expanding its Blockchain Presence in Japan and South KoreaRipple recently Disclosure Plans to launch smart contracts on the XRP Ledger mainnet. This development could expand the functionality of its layer 1 ecosystem and attract more developers.
Despite the ongoing market volatility, XRP continued to rise, reaching a high of $0.63 on August 24. However, despite Minor log correctionsthe latest developments suggest that the bulls are trying to force a recovery.
The price of XRP has risen from yesterday’s close of $0.548 to $0.5707 today (September 3, 2024). XRP is up 2.46% and is trading at $0.569. Considering the benefits of the upcoming update and the hype surrounding the announcement, can XRP reach $1?
Ripple announces the addition of smart contracts to the XRP Ledger mainnet: What benefits will XRP gain?
Ripple recently Announce It will add smart contracts to the XRP Ledger (XRPL), marking a major step forward for the network. As revealed in a blog post, the move is intended to expand the functionality of the XRPL and Attract more developers to use its platform.
Ripple said the introduction of smart contracts will open up a variety of use cases for users, builders and entrepreneurs.
Smart contract functionality will go live on the XRPL Ethereum Virtual Machine (EVM) sidechain in the coming months, with plans to eventually launch on the XRPL mainnet.
However, Ripple stressed that the mainnet deployment is still in the research stage and has not yet provided a clear timetable. Ripple aspires to DeFi developers and encourage community investment About the design details of smart contracts.
The side chain is Blockchain company PeersystIt was created to provide developers familiar with Ethereum-based smart contracts with a comfortable environment to deploy their decentralized applications (DApps).
This EVM compatibility will allow developers to use familiar tools and programming languages, such as Solidity.
What does this mean for Ripple XRP?
Introducing smart contracts into the XRPL ecosystem through EVM-compatible sidechains can enhance the network’s Attracting a global developer community.
Ripple believes this development will broaden the functionality of XRPL and accelerate its adoption as a programmable blockchain.
As Ripple continues to move forward with plans to integrate smart contracts into its mainnet, XRPL’s programmability is expected to increase.
As the organization achieves its goals by 2025, the XRP Ledger could become a more versatile and attractive platform for developers and investors. This feat could increase demand for XRP, pushing its price to higher levels.
XRP Price Analysis: Can XRP bulls push the price above the 50-day SMA dynamic resistance?
Ripple’s XRP has been bullish over the past two days. In the chart above, the asset has formed two bullish candles, Indicating increased buying pressure.
Moreover, it has bounced off the dynamic support level of $0.55 as shown in the chart below 200-day Simple Moving Average (SMA)Therefore, XRP is likely to break the resistance at the 50-day SMA at $0.57.
What’s more? The Moving Average Convergence Divergence (MACD) indicator is sloping up and the histogram bars are weakening. Therefore, a new closing price of around $0.58 may be recorded by the end of today.
XRP Rapidly Approaching Its Nearest Resistance Level – Is $0.58 Within Reach?
In the above chart, XRP is just a few pips away from its nearest resistance level at $0.58. If buyers remain firm in the market today, a breakout above this resistance is possible.
On the other hand, the coin’s price has deviated from the nearest support at $0.54, which means that if any retest occurs, a more solid bullish move could occur. Starting from the $0.54 level.
Moreover, the Relative Strength Index (RSI) indicator is moving sideways in the neutral zone. A potential retest could push it into the oversold zone (below 30), while a peak could trigger it into the overbought zone (above 70).
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But remember, all cryptocurrencies must Take appropriate risk management measuresas their results are never guaranteed. Please visit their website for more details and to protect your coins.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
