RippleX Announces Major Update For XRP Ledger EVM Sidechain, Can This Trigger A Price Recovery
25 January 2024 - 11:00PM
NEWSBTC
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 Resurgence On 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. Related Reading:
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Rally 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. XRP sees small rise to $0.51
| Source: XRPUSD on Tradingview.com 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. Related Reading: Bitcoin Repayments: Mt Gox
Starts Verifying Addresses For 200,000 BTC In Payouts 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. Featured
image from Crypto News Flash, chart from Tradingview.com
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