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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

RippleX Announces Major Update For XRP Ledger EVM Sidechain, Can This Trigger A Price Recovery

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ripple XRP

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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. 

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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 price chart from Tradingview.com (RippleX XRP Ledger EVM Sidechain)

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.

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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.comRipplex XRP EVM Sidechain Small
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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