As a seasoned crypto investor with a keen interest in Ripple and its native token XRP, I’m excited about the recent collaboration between Ripple’s XRP Ledger and Axelar, a programmable blockchain interoperability platform. The potential of this partnership is significant, as Ripple has announced that Axelar will be the exclusive bridge for its new XRPL EVM sidechain.
The XRP Ledger by Ripple has revealed a fresh partnership with Axelar, a versatile blockchain interoperability platform.
On Wednesday, AXL’s price significantly increased due to Ripple’s announcement that they would utilize Axelar as their exclusive connection for the XRPL EVM sidechain. According to CoinMarketCap, AXL broke through its significant resistance at $0.76, with Bitcoin and other altcoins reacting to the latest US Consumer Price Index (CPI) data.
The token’s price reached highs of $0.81 and was up 6% at the time of writing.
The XRPL EVM sidechain
At XRPL Apex 2024, Ripple revealed their collaboration with Axelar for creating an Ethereum Virtual Machine (EVM) compatible sidechain on the XRP Ledger.
The project aims to improve compatibility between decentralized finance (DeFi) and real-world assets (RWAs), unlocking potential new markets and possibilities.
As a researcher studying the XRPL-EVM Sidechain, I can explain that this innovative solution aims to leverage Axelar for seamless conversion of XRP into wrapped XRP (wXRP). This wXRP will serve as the native asset and be utilized for transaction fees within our platform.
In a recent blog post, Ripple announced that the XRPL Ethereum Virtual Machine (EVM) sidechain is scheduled to debut, with Axelar serving as the sole intermediary for obtaining the native gas token of the sidechain (eXRP) from the XRPL network.
The collaboration between Ripple’s team and Peersyst Technology on XRPL was discussed by Peersyst’s CEO, Ferran Prat. He made the following statement:
“Axelar serves as a robust, proven solution for integrating wrapped XRP (eXRP) as a native currency on the XRPL EVM sidechain. Our Peersyst engineers are currently in the process of transitioning the primary bridge to Axelar for the testnet.”
Big moves for Ripple
The latest Ripple news adds to a list of notable moves in the past few days.
As a crypto investor, I’m excited to share that the US-based blockchain company I follow recently announced its plans to launch a stablecoin pegged to the US dollar. This development is significant on its own, but what truly piqued my interest was the news of their innovative collaboration with the central bank in Georgia. Furthermore, they unveiled an impressive ecosystem fund dedicated to fostering blockchain innovation in Japan and South Korea. These collaborations and investments underscore the company’s commitment to driving growth and adoption within the blockchain industry.
As a researcher studying the XRP market, I’ve observed that past collaborations and advancements haven’t ignited a significant price surge for the XRP token yet.
As a crypto investor, I’m optimistic about the potential impact of regulatory clarity on the top 10 cryptocurrencies by market cap. Analysts believe that once we have a clearer regulatory landscape, it could be a catalyst for growth and stability within the crypto market.
XRP currently trades at $0.49.
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2024-06-12 17:31