XRP Price Prediction: Will the New EVM-Compatible Sidechain Boost the Token's Value?

The fourth-largest crypto has risen 5% on the daily chart to reclaim the $2.3 mark.

Is XRP the best crypto to buy now?

XRP Ledger to Launch Its EVM-Compatible Sidechain This Month

Following a successful testnet, the stage is now set for the XRPL EVM-compatible sidechain to go live on mainnet.

At the ongoing three-day Apex summit (June 10 – 12), which brings together developers, researchers, innovators, and blockchain enthusiasts from around the world, Ripple’s execs – Jaazi and David – confirmed that the launch will happen before the end of Q2 2025.

Built using the evmOS stack, the core purpose of this upcoming sidechain is to expand the XRP Ledger’s capabilities, allowing it to seamlessly support Ethereum-based smart contracts and decentralized applications.

Fundamentally, this solution reflects Ripple’s bid to usher in a new era that extends beyond remittances and positions XRPL as a hub for diverse applications. And because it runs as a sidechain, the new features will be integrated without altering the XRPL’s core architecture.

So far, its testnet – which started earlier this year – has been a success, attracting new contributors such as Strobe Finance, Vertex Protocol, and Secured Labs, who are now actively developing infrastructure and applications on the network.

Per data from Peersyst Technology – a validator and contributor to the XRPL – the EVM-compatible sidechain covers 87 different entities, including DeFi apps, NFT platforms, oracles, and indexers, making it an effective tool for facilitating the largest onboarding of users and projects in the XRP ecosystem.

After all, it will connect the XRPL mainnet to more than 69 blockchains supported by Axelar, significantly broadening its developer base.

With its full launch expected in the coming weeks, many believe this forward-thinking project could expand the utility of XRP, establishing it as a key player in the future of decentralized finance and blockchain technology.

XRP Price Outlook

A quick look at the XRP’s daily chart suggests that bulls are attempting to close above the immediate resistance at $2.35. Currently, the altcoin is oscillating between the $2.28 and $2.36 level. The bulls are showing a strong grip, as they have established a strong support around $2.28, coinciding with the 50-day MA.

Similarly, the token is neither in the overbought nor the oversold territory since its RSI is 54.65, leaving space in both directions in case of a possible price expansion.

A close watch is being given by traders to the $2.36 resistance level. Once breached, we may witness XRP exploring higher regions of $2.51, $2.65, and potentially $2.82.

The MACD indicator also stays in positive territory, confirming the possibility of a bullish continuation. Nevertheless, the chart shows a very healthy consolidation channel, and investors need to be wary of pullbacks.

Additional selling pressure may be witnessed in the market should the $2.36 resistance prove too strong. In such a case, the XRP price will retest the $2.28, $2.24, and $2.12 support zones.

In the meantime, the buy signal displayed by the MACD encourages traders to rally behind XRP.

Derivatives Market Analysis Also Suggests Growing Investor Interest

The XRP derivatives market is displaying some positive movement as the trading volume has gone up by 1.23% to $4.87B, and the open interest has risen by 3.45% to $4.39B. The XRP options volume has exploded by 189.42% to $1.17K, and the options open interest has also increased by 9.10% to $810.83K.

The Long/Short ratio is 0.95 in the last 24 hours, and Binance XRP/USDT accounts indicate a ratio of 2.42, which is a sign of a very bullish attitude among traders. Also, top traders on Binance XRP/USDT are considerably biased towards longs, with the ratio of 2.84, indicating bullish sentiment.

XRP Price Prediction

XRP is among the string of blue-chip altcoins that experts believe could rise at a steady pace as Bitcoin continues its forward march to the monumental $150k milestone.

This comes as no surprise, considering Ripple’s strategic expansion across the blockchain space, as demonstrated by the launch of an EVM-compatible sidechain for XRPL.

Basically, the new architecture amplifies XRPL’s capabilities by merging its fast and low-cost attributes with