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XRP price forecast after EVM-compatible sidechain testing begins on XRP ledger

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on Oct 18, 2022
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  • XRP Ledger begins testing ways in which it can deploy smart contracts made on Ethereum on the XRPL.
  • An EVM-compatible sidechain has been launched and its second phase is planned in 2023.
  • In the last 24 hours, the value of XRP (XRP) increased by 2%.

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Ethereum (ETH/USD) smart contracts are being brought to the XRP Ledger (XRPL), where the EVM-compatible sidechain will undergo its second phase in 2023 and will make the chain permissionless while also improving scalability.

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XRP (XRP/USD) is the native cryptocurrency used across the XRP Ledger and serves as an intermediate mechanism of exchange between two currencies or networks. 

The EVM-compatible sidechain launch as a catalyst for growth

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According to an announcement posted on Twitter by blockchain development firm Peersyst Technologies, users of the XRP Ledger (XRPL) might soon be able to interact with the Ethereum-compatible decentralized applications (dApps).

This follows the launch of a test phase of an XRP ledger sidechain. The new sidechain is compatible with the Ethereum Virtual Machine (EVM).

What this essentially means is that XRP users will be able to access dApps built on top of Ethereum, assuming they are ported over, as well as Web3 wallets such as MetaMask.

The new chain also comes with a cross-chain bridge built to transfer XRP and other assets between the EVM-supported sidechain and the XRP Ledger Devnet.

Should you buy XRP (XRP)?

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On October 18, 2022, XRP (XRP) had a value of $0.46956.

XRP/USD Chart by Tradingview.

The all-time high of the XRP (XRP) cryptocurrency was on January 7, 2018, when it reached a value of $3.40. Here we can see that at its ATH, the cryptocurrency was trading $2.93044 higher in value or by 624%.

When we go over its 7-day performance, XRP (XRP) had its 7-day low at a value of $0.451981, while its 7-day high is at a value of $0.508549. Here we can see an increase in its value by $0.056568 or by 12%.

Looking at the 24-hour performance, XRP (XRP) had its low point at $0.466316, while its high point was at $0.483523. Here we can see an increase in value of $0.017207 or by 4%.

With this in mind, investors might want to buy XRP as it can climb to $0.7 by the end of October 2022.

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