Investing.com – XRP is the native cryptocurrency of the blockchain and will also be used in the future on a Hooks sidechain. This was announced yesterday by lead developer of XRPL Labs, Wietse Wind.
Wind explained that a contract had already been signed for a security audit. As soon as the audit-based improvements have been integrated, the sidechain can go live. According to the developer, the hooks are used to launch real application cases even before they are available on the Mainnet. On the sidechain, applications can be thoroughly tested before obtaining final authorization for the mainnet.
In July last year, the developers had already launched the Hooks Builder, which makes it possible to create Smart Contracts on XRPL.
At the same time, they are also working on a sidechain that establishes a connection between XRPL and the virtual machine. It will thus be possible in the long term to implement smart contract interoperability between Ripple and Ethereum.
Ripple price technical marks
Ripple is currently recording a gain of 0.30 percent with a price of $0.4012, while the weekly loss stands at -5.22 percent.
The cryptocurrency failed to break above the 23.6 percent Fibo retracement of $0.4045 at the end of the day. The extension of the downward move led to a test of the support at the 38.2 percent Fibo retracement of $0.3875. From there, a rally has taken place, which appears to be targeting the resistance of the 23.6 percent Fibo retracement.
If this resistance is sustainably broken, focus will shift to the recent high of $0.4320.
If, on the other hand, there is a drop below the 38.2% Fibo retracement, the 50% Fibo retracement of $0.3737 and the 61.8% Fibo retracement of $0.3600 will be the next levels to offer support.
By Marco Oehrl