of 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. announced New updates for the upcoming XRP Ledger Ethereum Virtual Machine (EVM) sidechain.
XRPL EVM sidechain hints at expectations for XRP price recovery
On Tuesday, RippleX released its latest developments and progress. XRPL EVM Sidechain Via a post on X (formerly Twitter). This important update was shared by Peersyst Technology, a blockchain technology company and XRPL EVM developer.
Peersyst revealed on its official X handle that the XRPL ecosystem is nearing the launch of its long-awaited sidechain. This advanced EVM sidechain is designed to bridge Web3 applications. XRPL Improve the functionality and scalability features of your ledger.
Various XRP enthusiasts, including Reaper Financial CEO Patrick L. Riley, remain optimistic about the launch of the EVM sidechain and its integration into the XRP Ledger. Riley said this in a December 2023 interview with cryptocurrency market analyst Zack Rector. predicted “XRP will surpass Bitcoin to become the number one cryptocurrency.”
According to Peersyst, the RippleX developer team has officially published a public fix for XChainBridge. This revision is currently open for voting and has already received 7 validator votes out of 28, making it an important step in the launch of the XRPL EVM sidechain.
The blockchain company also announced a second update on XRPL EVM, stating that the sidechain has successfully passed rigorous audit procedures by Bishop Fox, a leading provider of security solutions. Separate audits are being carried out on prominent suppliers, with details to be revealed soon.
Additionally, the blockchain company shared an update on the progress of its EVM sidechain to Cosmos, a blockchain network that leverages support from Evmos, a scalable, high-throughput proof-of-stake (PoS) blockchain. Peersyst has revealed that a new version of the bridge will be released that will allow users to automatically connect existing tokens within her EVM sidechain. 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 being developed, promising faster inspection and investigation of transactions within the XRPL EVM blockchain.
XRP sees small rise to $0.51 | Source: XRPUSD on Tradingview.com
Will this trigger a price recovery?
XRPL EVM emerges as a possibility Game changer for XRP price, we are introducing new updates that enhance transparency, security, and speed within the XRP Ledger. This is a positive development and could lead to renewed interest in the underlying XRP token.
If this interest is sustained and ultimately demand for the token increases, it could cause a price increase. At this point, the bulls will be looking to break the resistance level set by the bears at $0.55 to signal a resumption of the rally.
While other altcoins are witnessing soaring prices, XRP is struggling to rise. It is currently trading at $0.51, with a loss of 9.63% over the past 7 days, according to Coinmarketcap data.
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