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Cryptocurrency provider Ripple has just released a proposal to integrate Federated Sidechains into the XRP Ledger (XRPL). The goal behind this undertaking is for each sidechain to operate as an independent blockchain, thereby preserving the XRPL’s leanness and efficiency for cross-border payments.
The CTO of Ripple, David Schwartz, noted that developers on the XRP network have long complained about the integration of Smart Contract features due to the thriving DeFi (Decentralized Finance) industry.
However, for Ripple management, maintaining a tip-top efficiency of the XRP Ledger is a primary priority. As such, Schwartz proposed Federated Sidechains to allow developers to add new features on the network, including Smart Contract compatibility while preserving the security and efficiency of the Ledger.
According to a blog post, the sidechains will possess individual ledgers and transactions like the XRPL. The integration of sidechains will increase the functionality base of the XRP ecosystem and provide several significant use cases.
Finally, Schwartz noted that Ripple would have to make some minor adjustments to the XRP mainnet to create room to integrate the Federated software strategy. The company will also add new functionalities to the XRPL server software to allow for the operation in a sidechain.
Key Ripple Levels to Watch — June 9
Ripple and the rest of the crypto market have been in shambles for several weeks now as waves after waves of unfavorable fundamental factors thwart all efforts by bulls. On the broader scale, XRP has maintained a sideways momentum, as bears pile pressure.
That said, we can see the emergence of a double bottom pattern on our 4-hour chart, indicating that a bullish play could be underway. A bullish bounce from the current price point should take XRP to the $1.1000 psychological resistance over the coming hours. A break above that resistance could restore a healthy bullish bias for the seventh-largest cryptocurrency and send it higher.
Meanwhile, our resistance levels are $0.9000, $0.9500, and $1.0000, and our support levels are $0.8500, $0.8000, and $0.7500.
Total Market Capitalization: $1.53 trillion
Ripple Market Capitalization: $39.9 billion
Ripple Dominance: 2.62%
Market Rank: #7
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