that much XRP Ledger The ecosystem is currently buzzing with new and exciting developments that could push the price of XRP to new heights. RippleX is an extension of Ripple and an open developer platform. presentation A new update to the upcoming XRP Ledger Ethereum Virtual Machine (EVM) sidechain.
XRPL EVM sidechain signals hope for XRP price revival
On Tuesday, RippleX announced its latest developments and progress. XRPL EVM sidechain via X (formerly Twitter) post. This important update was shared by Peersyst Technology, a blockchain technology company and XRPL EVM developer.
Peersyst revealed through 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 connect Web3 applications. XRPL Improves the functionality and scalability of the ledger.
Various XRP enthusiasts, including Patrick L. Riley, CEO of Reaper Financial, remain optimistic about the launch of the EVM sidechain and its integration into the XRP ledger. Riley in an interview with cryptocurrency market analyst Zach Rector, December 2023 predicted “XRP will surpass Bitcoin to become the best cryptocurrency.”
According to Peersyst, the RippleX developer team has officially announced the XChainBridge public amendment. This revision is currently undergoing voting and has already garnered 7 validator votes out of 28, marking a significant step in the launch of the XRPL EVM sidechain.
The blockchain company also released a second update to the XRPL EVM, revealing that the sidechain has successfully passed the rigorous audit process by Bishop Fox, a leading provider of security solutions. Another audit of prominent suppliers has been conducted and details will be released shortly.
The blockchain company also shared an update on the progress of its EVM sidechain for Cosmos, a blockchain network that leverages support from Evmos, a scalable, high-throughput proof-of-stake (PoS) blockchain. Peersyst said a new version of the bridge is coming that will allow users to automatically link existing tokens on EVM sidechains. XRP Ledger.
Other updates to the EVM sidechain include introducing a new user interface (UI) and implementing a software development kit (SDK) for developers. Additionally, a better version of Blockscout Explorer is in development, allowing faster inspection and exploration 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?
XRPL EVM appears to have potential. A game changer for XRP price, introducing new updates that improve the transparency, security, and speed of the XRP Ledger. Since this is a positive development, it could lead to renewed interest in the native XRP token.
If this interest continues and ultimately leads to more demand for the token, it could trigger a price increase. At this point, the bulls will likely try to break the raised resistance at $0.55 to signal a resumption of the rally.
While other altcoins are witnessing price surge, XRP is struggling to rebound. It is currently trading at $0.51 and has lost 9.63% over the past 7 days, according to data from Coinmarketcap.
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