Investing.com – Developers have been working with Peersyst Technologies for some time to make smart contracts developed on the Ripple blockchain work as well.
While smart contracts on Ethereum are held back by low transaction speed and high fees, they can be leveraged to their full potential on Ripple. The XRP community will therefore soon have a large ecosystem of dApps and DeFi. Additionally, the migration of applications to the Ripple blockchain will increase the adoption of XRP.
Development is already advanced enough that XRP accounts can be created on Metamask. Also today, instructions should be published on how to test the EVM-compatible sidechain for the XRP ledger. The launch of the Mainnet is intended for early 2023.
Ripple price technical benchmarks
Ripple is up 0.72 percent today at a price of $0.4694, while on a weekly basis there is a loss of -3.61 percent.
The cryptocurrency tested the 38.2% Fibo retracement support at $0.4639 yesterday. Currently, it is heading towards this level again and in case of a decline in the daily close, the focus will be on the low from October 13, which is found at $0.4421. Below that are the next supports with the October 3 low at $0.4382, followed by the 50 percent Fibo retracement at $0.4352.
A rally towards the 23.6% Fibo retracement of $0.4994 is only possible as long as trades are above the 38.2% Fibo retracement. The resistance found here is reinforced by the psychological level of $0.5000. If this zone is permanently exceeded, it is possible to extend the upward movement towards the October 14 high at $0.5118 and the October 9 high at $0.5467.
By Marco Oehrl