As it attempts to surpass the growth milestones it achieved during the previous seven days, XRP has started its rise for the next week. The XRP price has not fallen below the $0.5044 resistance level since it broke over it, and as of this writing, it is trading at a spot price of $0.5323, up 10.86% over the previous week.
Among the top cryptocurrencies by market capitalization, the XRP price continues to be one of the most robust. The community surrounding digital currencies has remained quite upbeat, bringing a whole new level of confidence to the protocol’s associated utilities that have not yet been made public. The growing feeling for XRP is being fueled by a variety of new products from XRP Ledger and Ripple Labs, but support for a future protocol has also begun to build.
The Hooks Sidechain, a prospective breakthrough, is advertised as a different ledger from the XRP Ledger that will use XRP as its native cryptocurrency.
The new system will rely on the XRP Ledger Consensus system with the Hooks modification activated, claims cryptocurrency developer Wo Jake. He emphasised that the Hooks Sidechain will enable a vast array of goods and services that are essentially nonexistent with the XRP Ledger platform. With the XRP token as their main emphasis, each of them aims to increase the adoption of real-world products.
Basis for XRP growth
A favourable outcome of the Ripple and US SEC lawsuit for the blockchain company is being cited by several commentators as the next important event to watch out for in the technology. Many have prophesied that Ripple will triumph, and that assertions that XRP is a security will be disproved.
If this prediction comes true, XRP might experience a significant price increase, but the Hooks Sidechain’s usefulness will be the deciding factor.
