Ripple, has joined forces with Cosmos and Evmos to develop an Ethereum Virtual Machine (EVM) sidechain for the XRP Ledger (XRPL). Firstly, this collaboration aims to enhance interoperability and scalability for the veteran blockchain network.
On May 14th, the announcement generated significant buzz within the crypto community. Furthermore, by leveraging Evmos’ evmOS, a modular EVM solution built on the Cosmos SDK, Ripple can unlock new capabilities for the XRPL. Consequently, this move positions the XRP Ledger to benefit from the thriving Cosmos ecosystem and its cutting-edge Interchain Communication Protocol (IBC).
Currently in development on Devnet, the XRPL EVM Sidechain promises to revolutionize Ripple’s cross-chain interoperability. Through this partnership, the XRP Ledger will gain access to over 60 Cosmos-based chains, enabling seamless asset transfers and decentralized application (dApp) interactions.
Ripple Price Analysis and Future Projections
As of May 16, XRP is trading at $0.518328, with a market cap of $28.69 billion. The 24-hour trading volume stands at $1.20 billion. XRP has shown a 3.67% increase in the last 24 hours, with a circulating supply of 55.36 billion. The XRP/USDT chart indicates recovery, with Ripple sustaining above $0.51. The price is likely to test resistance at the $0.60 level, a psychologically important mark.
In the recent price analysis, XRP shows signs of recovery on both the 4-hour and 1-day timeframes. On May 16, XRP sustained above $0.51, indicating a potential test of resistance at $0.60. This level is psychologically important for investors.
XRP faces resistance at $0.5310 and $0.5951, the 50% and 78.6% Fibonacci retracement levels from the April 9 high of $0.6431 to the April 13 low of $0.4188. The Moving Average Convergence Divergence (MACD) indicator shows green bars above the neutral line, supporting further gains. Additionally, the Relative Strength Index (RSI) reads 48.47, close to the neutral zone at 50, signaling a balance between bullish and bearish positions.
XRP’s collaboration with Cosmos enhances interoperability. Additionally, the EVM sidechain’s development attracts more users and developers. However, technical indicators suggest potential growth and stability for XRP.
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