XRPL EVM Sidechain Signals Hope For XRP Price Resurgence
The XRP Ledger ecosystem is abuzz with exciting new developments that could potentially push the price of XRP to new heights. RippleX, an open developer platform and extension of Ripple, has announced updates for the upcoming XRP Ledger Ethereum Virtual Machine (EVM) sidechain.
Progress on XRPL EVM Sidechain
RippleX recently shared the latest progress on the XRPL EVM Sidechain through a post on X (formerly Twitter). Peersyst Technology, an XRPL EVM developer and blockchain technology firm, revealed that the launch of the highly anticipated sidechain is drawing near. The purpose of this advanced EVM sidechain is to connect Web3 applications to XRPL and enhance the functionality and scalability of the ledger.
Optimism in the XRP Community
XRP enthusiasts, including Patrick L. Riley, CEO of Reaper Financial, are optimistic about the integration of the EVM sidechain into the XRP Ledger. In an interview, Riley predicted that XRP will surpass Bitcoin as the number one cryptocurrency.
XChainBridge Amendment and Audits
RippleX has officially published the XChainBridge public amendment for voting. This is a crucial step towards launching the XRPL EVM sidechain, with seven validator votes already in favor out of 28. Additionally, Bishop Fox, a leading security solutions provider, has conducted stringent audits on the sidechain.
Updates on Cosmos Integration and User Interface
RippleX has also shared updates on integrating the EVM sidechain with Cosmos and implementing a new User Interface (UI). A new version of the bridge will allow users to connect any existing token in the EVM sidechain to the XRP Ledger. Furthermore, a better version of the Blockscout explorer is being developed for quicker transaction inspections and explorations.
Hot Take: XRP Price Struggles Despite Developments
Despite these exciting developments, XRP has been facing challenges in its price performance. Currently trading at $0.51, it has experienced a 9.63% loss in the last seven days according to Coinmarketcap data.
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