XRP News Today: XRP Surges 10% to $2.3274 on EVM-Compatible Sidechain Launch

Generated by AI AgentCoin World
Tuesday, Jul 1, 2025 10:48 am ET1min read
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XRP has garnered significant market attention following its breakout above a crucial technical formation, with analysts now setting their sights on a short-term price target of $2.40. This surge in interest is driven by the activation of the

XRP
Ledger’s EVM-compatible sidechain, which is anticipated to enhance adoption and functionality across the ecosystem.

According to EGRAG CRYPTO, XRP has successfully breached the green descending channel visible on the daily chart. The next significant resistance level is marked by the pink descending channel, which remains a critical barrier to overcome before challenging the $2.40 price point.

XRP reached a new high of 2.3274 on a daily timeframe before correcting slightly higher, but it remains above the crucial 2.2 support level. Market participants have been closely monitoring this chart setup, which has shown several breakout attempts. The current rally represents the third aggressive escape from the wider channel pattern.

Technical indicators suggest that sustained price action above this level could initiate a fresh bull run towards the targeted price of $2.40. The recent bullish momentum is bolstered by the launch of XRPL’s EVM-compatible sidechain, a key upgrade that enables Ethereum-style smart contracts to operate directly on the XRP Ledger. This enhancement expands the ledger’s utility for developers and increases institutional interest.

An analyst emphasized that maintaining a price above $2.2 is crucial for sustaining the upward trajectory. If XRP can break out of the pink descending channel, it would complete a breakout pattern that has been developing for several months. Current resistance levels are at approximately $2.30 and $2.40, and closing above these levels would confirm a bullish reversal and set a new momentum in the market.

With technical indicators and underlying developments paving the way, XRP enthusiasts are keeping their eyes on the $2.40 target. The outcome of the current market structure is likely to determine the path that XRP will follow in the coming weeks.