As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and technology, I find myself intrigued by the latest developments in the Ripple community. The anticipated integration of EVM compatibility into XRPL, spearheaded by none other than Monica Long herself, is a testament to Ripple’s relentless pursuit of innovation.
Looking forward to the full incorporation of Ethereum Virtual Machine (EVM) compatibility within the XRP Ledger (XRPL), Ripple‘s president, Monica Long, recently provided an important update. In a post to community members, she conveyed her enthusiasm over the swift development work being carried out by the team.
Key developments in XRPL and Axelar partnership
It was previously mentioned that the second quarter report highlighted significant advancements regarding the XRPL Ethereum Virtual Machine sidechain and Axelar for functionality. In simpler terms, the goal of the XRPL EVM sidechain is to offer possibilities for developers on the XRPL platform, particularly in the decentralized finance and real-world asset tokenization sectors. This will encourage not just innovation but also growth within the XRP network.
According to recent developments, Axelar is designed to serve as a unique connection point for the native token of sidechains, specifically from XRPL. Furthermore, Axelar has the capability to interconnect with more than 50 different blockchain networks within its system.
Long suggests that Ripple is excited about the upcoming Archax partnership, expecting it to add hundreds of millions of dollars worth of tokenized real-world assets to the XRP Ledger. As everyone watches for this collaboration’s progress, there are still other projects in development.
Significantly, the president of Ripple indicated potential upcoming launches in Oracles and MPT, according to Long’s statements. It is expected that these innovations related to XRP will be revealed during the second and third quarters of this year.
Ripple v. SEC legal impact on XRP
During this period, a detailed examination of the Q2 XRP Markets Report uncovered some interesting findings. Despite the overall crypto market experiencing turbulence, there were signs of hope in the form of increased institutional adoption. Importantly, XRP made strides with RWA tokenization and reached significant regulatory achievements like MiCA, keeping it at the forefront.
Nevertheless, the ongoing Ripple vs. SEC (Securities and Exchange Commission) court case continues to cast a shadow of uncertainty and worry among many community members. Some speculate that XRP could perform better once this legal dispute is resolved or subsides, as the prolonged trial seems to have a detrimental impact on market performance.
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2024-08-03 15:26