Despite the bearish market sentiment, Ripple XRP has shown significant resilience. After slipping off the $0.6 threshold in early August, Ripple’s XRP has stabilized above $0.5, oscillating between $0.56 and $0.57 over the past seven days.
Market participants anticipate a rally to $1 soon, given the ongoing positive development in the Ripple ecosystem.
From expanding its blockchain presence in Japan and South Korea, Ripple recently disclosed plans to feature smart contracts on the XRP Ledger mainnet. This development could extend the functionality of its layer-1 ecosystem, drawing in more developers.
Although market volatility persists, XRP has continued upward, recording a high of $0.63 on August 24. However, while it has recorded mild corrections, the latest strides suggest the bulls are attempting to force a recovery.
XRP’s price increased from yesterday’s closing price of $0.548 to $0.5707 today, September 3, 2024. XRP is up 2.46% to trade at $0.569. Considering the perks attached to the upcoming update and the buzz around the announcement, can XRP reach $1?
Ripple Announces Addition of Smart Contracts to XRP Ledger Mainnet: What Does XRP Stand to Gain?
Ripple has recently announced that it will add smart contracts to the XRP Ledger (XRPL), marking a significant step forward for the network. As revealed in a blog post, this move aims to expand XRPL’s capabilities and attract more developers to its platform.
Ripple stated that introducing smart contracts will open various use cases for users, builders, and entrepreneurs.
The smart contracts feature is set to go live in the XRPL Ethereum Virtual Machine (EVM) sidechain in the coming months, with plans to roll it out on the XRPL mainnet eventually.
However, Ripple has emphasized that the mainnet deployment is still in the research phase, and no definite time frame has been provided. Ripple is eager to collaborate with DeFi developers and encourages community input on the design specifics of the smart contracts.
The sidechain was developed in partnership with blockchain firm Peersyst. It was created to give developers familiar with Ethereum-based smart contracts a comfortable environment in which to deploy their decentralized applications (DApps).
This EVM compatibility will allow developers to use familiar tools and programming languages like Solidity.
What Does This Mean for Ripple XRP?
Bringing smart contracts to the XRPL ecosystem through the EVM-compatible sidechain could enhance the network’s appeal to a global developer community.
Ripple believes this development will broaden the XRPL’s capabilities and accelerate its adoption as a programmable blockchain.
As Ripple continues to push forward with its plans to integrate smart contracts into the mainnet, the momentum for increasing XRPL’s programmability is expected to grow.
By 2025, the XRP Ledger could become a more versatile and attractive platform for developers and investors as the organization progresses with its goals. Such a feat could increase demand for XRP, pushing its price to higher highs.
XRP Price Analysis: Can XRP Bulls Push the Price Above 50-Day SMA Dynamic Resistance?
Ripple’s XRP has made bullish moves in the last two days. In the chart above, the asset has formed two bullish candles, indicating increasing buying pressure.
Also, it has bounced from the dynamic support level at $0.55, indicated by the 200-day Simple Moving Average (SMA). Therefore, XRP could trail through its resistance level marked by the 50-day SMA at $0.57.
What’s more? The Moving Average Convergence Divergence (MACD) indicator is inclining, and the histogram bars are fading. As such, a new closing price of around $0.58 could be recorded at the end of today.
XRP Speedily Approaching Its Nearest Resistance – Is $0.58 Within Reach?
In the chart above, XRP is a few pips away from its nearest resistance at $0.58. If the buyers remain resilient in the market today, a break above this resistance is possible.
On the other hand, the coin’s price has drifted from its nearest support at $0.54, which means that if any retest occurs, a more solid bullish move could commence at the $0.54 level.
In addition to this, the Relative Strength Index (RSI) indicator is moving sideways in the neutral zone. The potential retest can push it to the oversold zone (below 30), while the spike could trigger its move to the overbought region (above 70)
Amid XRP’s bullish expectations, a newbie is already set to enrich early investors, Base Dawgz ($DAWGZ)
Base Dawgz (DAWGZ) Last-Chance Sale Countdown Elapsing, Launching Soon
Base Dawgz (DAWGZ) officially concluded its token presale last month with over $3.2 million raised from the campaign. However, given the high demand and number of early investors, the project extended its listing date to September 4 at 11:00 am EST.
You can buy $DAWGZ tokens at $0.008582 before the price increases after launching on major decentralized exchanges.
Why Consider $DAWGZ?
Base Dawgz aims to become the leading dog-themed token on the Base network, a niche with few competitors. This gives it a unique position in the market.
Additionally, the project’s native token, $DAWGZ, operates across multiple blockchains, which include Base, Ethereum, Solana, Avalanche, and Binance Smart Chain. Therefore, it comprises a multi-chain capability that makes it easier for a broader audience to buy and sell the token seamlessly.
Again, major news outlets are starting to notice Base Dawgz, hinting at its potential record-breaking growth. Today, interested investors have limited time to secure as many $DAWGZ tokens as possible ahead of the DEX listing.
But remember, all cryptocurrencies must be approached with adequate risk management practices, as their outcomes are never guaranteed. Visit their website for more details and secure your tokens.
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.
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