This week, Ripple introduced the long-awaited EVM sidechain on the mainnet, marking a significant development for the XRP ecosystem.
Launch of EVM Sidechain
Ripple announced the launch of its EVM sidechain, which allows Ethereum-compatible smart contracts to run on the XRP Ledger. This opens up new possibilities for decentralized application development, bridges, and wallets.
Current Price Movements of XRP
Currently, XRP is trading in a range of $2.20 to $2.23, just below an important resistance zone. In the past 12 hours, the price briefly pushed above $2.20 and is attempting to hold this level. If buyers manage to lift the price above $2.21, it may see a quick rally toward $2.25.
Forecasts and Analysis
Analyst Casi Trades states that the $2.25 level is crucial for confirming the strength of XRP's rise. "Now, we are watching for XRP to revisit $2.25 and hold it cleanly. If it does, that's the base for the move we've been waiting for," the analyst said.
The launch of the EVM sidechain represents a significant step for Ripple and the XRP ecosystem; however, the market has yet to show a substantial rally in response to this development.
