The XRP ledger ecosystem is currently buzzing with new exciting developments that could potentially push the price of XRP to new heights. RippleX, an extension of Ripple and an open developer platform announced new updates for the upcoming XRP Ledger Ethereum Virtual Machine (EVM) sidechain.
XRPL EVM Sidechain Signals Hope for XRP Price Revival
On Tuesday, RippleX shared the latest developments and progress on the XRPL EVM sidechain via an X (formerly Twitter) message. This important update was shared by Peersyst Technology, a blockchain technology company and an XRPL EVM developer.
Peersyst revealed on its official X-handle that the XRPL ecosystem is getting closer to the launch of its highly anticipated sidechain. This advanced EVM sidechain is designed to bridge Web3 applications XRPL and improve the functionality and scalability capabilities of the ledger.
Several 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 up for voting and has already secured seven out of 28 validator votes, 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 rigorous auditing procedures by Bishop Fox, a leading security solutions provider. An audit has also been carried out at a leading supplier, details of which will be announced shortly.
In addition, the blockchain company shared updates on the progress of the EVM sidechain to Cosmos, a blockchain network that leverages the support of Evmos, a scalable, high-throughput Proof of Stake (PoS) blockchain. Peersyst announced that a new version of the bridge is being launched, allowing users to automatically connect any existing token in the EVM sidechain to the XRP ledger.
Other updates to 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, which promises faster inspections and explorations of transactions within the XRPL EVM blockchain.
XRP sees small rise to $0.51 | Source: XRPUSD on Tradingview.com
Could this trigger a price recovery?
The XRPL EVM emerges as a potential gamechanger for the price of XRP, introducing new updates that will improve 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 continues and eventually leads to more demand for the token, it could cause a price increase. At this point, the bulls will look to break the resistance, which has risen at $0.55 to signal a resumption of the rally.
While other altcoins have witnessed price increasesXRP has struggled to rise. It is currently trading at $0.51, having lost 9.63% in the past seven days, according to data from Coinmarketcap.
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