Ripple Initiates XRP Ledger (XRPL) Upgrade Amid Bullish Recovery
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Recent reports show that Ripple (XRP) has implemented an upgrade on its XRP Ledger (XRPL), which triggered a bullish uptick for the seventh-largest cryptocurrency. At press time, XRP trades at the $1.0305 level and has gained 7.3% over the past seven days.
Introduced in June, “Federated Sidechains” will allow for the development of federated finance (DeFi) and Smart Contracts with the broader XRP ecosystem without compromising the efficiency of XRP.
According to RippleX, the preview allows developers to interact directly with the technology and experiment with it. Commenting on the development, Ripple CTO David Schwartz asserted that sidechains would increase the use cases of the XRPL.
Schwartz explained that by using sidechains, developers could create chains tailored to their needs for private networks, securities trading, and DeFi.
He noted that for DeFi, implementing Ethereum Smart Contracts on the XRP Ledger would allow developers to create powerful apps on the DeFi ecosystem with interoperability across chains. Schwartz added that:
“Additionally, we’re developing a sidechain for the Ethereum Virtual Machine (EVM). XRPL developers will be able to build whatever they want using Ethereum smart contracts, hooks, and smart transformers.”
RippleX believes that the future of the XRP Ledger might get shared by the successful features in sidechains.
Key Ripple Levels to Watch — October 4
After posting an aggressive bullish rally last week, XRP met with a barrier at the $1.0900 area yesterday. This barrier coincides with our 4-hour 200 SMA and our $1.1000 – $1.0500 pivot zone.
That said, bulls need to clear the $1.1000 psychological level to confirm a reemergence of a bullish bias. Failure to climb back into the 1.1000 – $1.0500 pivot zone could leave the cryptocurrency range-bound between $1.0500 and $1.0000. Nonetheless, we expect a minor correction to the $1.0000 area over the coming hours.
Meanwhile, our resistance levels are $1.0500, $1.1000, and 1.1500, and our support levels are $1.0000, $0.9500, and $0.9275.
Total Market Capitalization: $2.11 trillion
Ripple Market Capitalization: $48.1 billion
Ripple Dominance: 2.2%
Market Rank: #7
