2024-1-25 15:00 |
The XRP Ledger ecosystem is currently buzzing with new exciting developments that could potentially propel the price of XRP to new heights. RippleX, an extension of Ripple and an open developer platform has announced new updates for the upcoming XRP Ledger Ethereum Virtual Machine (EVM) sidechain.
XRPL EVM Sidechain Signals Hope For XRP Price ResurgenceOn Tuesday, RippleX released the latest developments and progress on the XRPL EVM Sidechain via an X (formerly Twitter) post. This significant update was shared by Peersyst Technology, a blockchain technology firm and an XRPL EVM developer.
Peersyst revealed on its official X handle that the XRPL ecosystem is getting closer to launching its highly anticipated sidechain. This advanced EVM sidechain is designed to bridge Web3 applications to XRPL and improve the functionality and scalability capabilities of the ledger.
Various XRP enthusiasts, including Patrick L. Riley, the Chief Executive Officer (CEO) of Reaper Financial, remain optimistic about the launch and integration of the EVM sidechain into the XRP Ledger. In a December 2023 interview with crypto market analyst Zach Rector, Riley predicted that “XRP will surpass Bitcoin as the number one cryptocurrency.”
According to Peersyst, the RippleX developer team has officially published the XChainBridge public amendment. This revision is currently open for voting and has already garnered seven validator votes out of 28, marking a crucial step in the launch of the XRPL EVM sidechain.
The blockchain company also announced a second update on the XRPL EVM, stating that the sidechain has successfully undergone stringent audit procedures by Bishop Fox, a leading provider of security solutions. Another audit has also been conducted with a prominent supplier, with details disclosed soon.
In addition, the blockchain firm has shared updates on the EVM sidechain’s progress to Cosmos, a blockchain network utilizing the support of Evmos, a scalable high throughput Proof of Stake (PoS) blockchain. Peersyst disclosed that a new version of the bridge is set to launch, allowing users to automatically connect any existing token in the EVM sidechain to the XRP Ledger.
Other updates on the EVM sidechain include the introduction of a new User Interface (UI) and the implementation of a Software Development Kit (SDK) for developers. Additionally, a better version of the Blockscout explorer is being developed, promising quicker inspections and explorations of transactions within the XRPL EVM blockchain.
Can This Trigger A Price Recovery?The XRPL EVM emerges as a potential game changer for the price of XRP, introducing new updates that will enhance transparency, security, and speed within the XRP Ledger. Since this is a positive development, it could lead to renewed interest in the underlying XRP token.
If this interest is sustained and eventually leads to more demand for the token, it could trigger a price rally. At this point, the bulls will be looking to break the resistance, which bears have mounted at $0.55 to signal a resumption of the rally.
While other altcoins have been witnessing price surges, XRP has been struggling to rally. It is currently trading at $0.51, with a 9.63% loss in the last seven days, according to data from Coinmarketcap.
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