- Ripple gears up for Ethereum-compatible smart contracts on the XRP Ledger, which should boost functionality.
- Ripple plans to use the Axelar network for cross-chain token transfers; wrapped XRP is the primary token on the sidechain.
- XRP crosses $0.57 early on Tuesday, holds steady above $0.56 at the time of writing.
Ripple (XRP), a cross-border payment remittance firm, made several key announcements in Japan and Korea on September 3. One of the key announcements was the plan for an Ethereum-compatible sidechain on the XRP Ledger.
XRP erases 0.75% of value on Tuesday, holding steady above key support at $0.56.
Daily digest market movers: Ripple to welcome Ethereum-compatible smart contracts on its chain
- Ripple shared plans to boost the functionality of the XRP Ledger by integrating Ethereum-compatible smart contracts through a sidechain.
- The addition would help Ripple expand the utility of its chain beyond basic transactions and include complex applications like decentralized exchanges and token issuance.
- Ripple plans to use Axelar network, a decentralized interoperability platform to facilitate cross-chain token transfers with wrapped XRP (eXRP). eXRP would act as the primary token on the sidechain to facilitate interoperability.
- Smart contracts on Ripple will allow developers to issue tokens, process trades and support functionality for decentralized exchanges and financial applications on the Ledger.
2/ Ripple and the broader XRP community are committed to bringing new programmability, including smart contracts, to the XRPL dev ecosystem in 2025 – through the XRPL EVM sidechain (already in the works) as well as exploring native capabilities on XRPL Mainnet.…
— Ripple (@Ripple) September 3, 2024
- The firm made other key announcements, a partnership in the AI and metaverse space, with Futureverse. The project will assume safe custody of metaverse-related assets for Ripple.
- Ripple’s University Blockchain Research Initiative added Korea’s Yonsei University as a new global partner. Ripple’s research program is aimed at supporting technical developments in blockchain technology.
Technical analysis: XRP could extend losses by 7%
XRP trades at $0.5610 at the time of writing. The native token of the XRP Ledger could extend losses further and sweep liquidity at $0.5187. The level marks the lower boundary of the Fair Value Gap (FVG) between $0.5187 and $0.5767.
The Moving Average Convergence Divergence (MACD) indicator flashes red histogram bars under the neutral line. The indicator shows there is underlying negative momentum in XRP price trend.
Relative Strength Index (RSI) reads 46.30 as the indicator climbs toward neutral level at 50.
XRP/USDT daily chart
A daily candlestick close above $0.5767 could invalidate the bearish thesis. Once XRP begins its recovery, the altcoin could attempt to rally to $0.6217, a key resistance level for Ripple.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Raydium soars 18% as Upbit lists RAY/KRW and RAY/USDT trading pairs
Raydium (RAY) price rallies more than 18% on Thursday after rebounding from its key support the previous day. The main reason for RAY’s rally is that Upbit, South Korea’s largest cryptocurrency exchange, announced the listing of RAY trading pairs.
Ethereum Price Forecast: ETH stays muted as uncertainty from Middle East crisis weighs on market sentiment
Ethereum (ETH) held steady around $2,500 in the early Asian session on Thursday following mixed activity across its on-chain data. Ethereum is experiencing calmness in its on-chain metrics following an extended period of price consolidation that has spanned the past six days after dropping from above $2,700.
Top 3 Crypto Gainers: RAY, AERO, SPX shrug off market volatility, record double-digit growth
Decentralized Finance (DeFi) tokens such as Raydium (RAY), Aerodrome Finance (AERO), and SPX6900 (SPX) outperformed the broader cryptocurrency market over the last 24 hours, following the Federal Reserve's decision to keep the policy rates unchanged at 4.25%-4.5% in the June policy meeting.
Bitcoin, Ethereum, XRP hold steady as Federal Reserve leave rates unchanged
Bitcoin (BTC) and altcoins, including Ethereum (ETH), XRP, and Solana (SOL), saw slight movements on Wednesday as the crypto market stayed resilient following the Federal Reserve's (Fed) decision to leave rates unchanged at 4.25%-4.50%.
Bitcoin: BTC could slump to $100K amid Trump-Musk tussle
Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.