Ripple’s XRP has shown significant price movements recently, with its value climbing as Ripple continues to introduce vital upgrades to the XRP Ledger (XRPL).
The cryptocurrency has witnessed a steady increase, gaining 1.37% in the last 24 hours, reaching a price of $0.564023. This upward momentum comes as Ripple makes strides in developing new features for the XRPL and securing key partnerships to enhance its ecosystem.
Ripple’s XRPL Upgrades and Partnerships
Ripple’s ongoing efforts to improve the XRP Ledger have played a crucial role in the recent price surge. One major development is Ripple’s plan to integrate smart contracts into the XRPL, a move that could significantly boost the network’s functionality.
The new programmability feature will enable the creation of Non-Fungible Tokens (NFTs), Automated Market Makers (AMMs), and decentralized exchanges (DEXs) on the XRPL. This upgrade aims to expand the utility of XRP, potentially attracting more users and developers to the platform.
With new programmability in the works for the XRP Ledger (something the XRP community has rightly been asking for) and the growing opportunity for Ripple’s enterprise products to serve crypto-native customers (such as @futureverse using Ripple Custody) – the foundations of crypto… https://t.co/ZLQXl0BcOD
— Brad Garlinghouse (@bgarlinghouse) September 3, 2024
In addition, Ripple has integrated with Futureverse, an Artificial Intelligence and Metaverse technology firm for protecting the network assets’ storage. This is evident through Futureverse’s implementation of the XRPL NFT standard on the Root Network that uses XRP as gas in the decentralised digital asset ecosystem.
Another proof of Ripple’s focus on the improvement of the XRPL is its plans to develop an EVM sidechain, to be completed in 2025.
XRP Price Analysis and Market Sentiment
The recent price action of XRP reflects the market’s reaction to these developments. After experiencing a buy-side liquidity hunt at the beginning of August, XRP saw a significant 31% price increase, driven by the news of a $125 million lawsuit settlement with the SEC.
However, the bullish momentum faced resistance, leading to a brief retracement. Despite this, XRP has managed to maintain its upward trajectory, supported by Ripple’s continuous efforts to improve the XRPL. Currently, XRP is in a consolidation phase, trading within a range of $0.55 to $0.60.
Source: CoinMarketCap
Technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest that the market remains cautious.
The MACD indicates a slight bearish momentum, with the signal line positioned above the MACD line. Meanwhile, the RSI stands at 46.37, just below the neutral mark of 50, signaling that the market sentiment is slightly bearish.
Source: TradingView
However, as XRP remains to be within this range it can easily break the $0.56 resistance level could be achieved and this opens the door for other higher levels. However, it may be dragged down during short-run due to the current volatile market forces with the currency.
Every upgrade done to the XRPL and the partnerships which Ripple has been conducting could be some drivers for future value boosts. For the next couple of months, the market will keenly observe how the new programmability feature as well as the creation of the XRPL EVM sidechain affect the price of XRP.
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