Ripple’s XRP Ledger has announced a new collaboration with Axelar, a programmable blockchain interoperability platform. The AXL price surged on Wednesday as Ripple will use Axelar as the exclusive bridge for its XRPL EVM sidechain. According to CoinMarketCap, AXL shot up from below a key resistance at $0.76 as Bitcoin and the rest of the altcoin market reacted to US CPI data. The token’s price reached highs of $0.81 and was up 6% at the time of writing.

XRPL EVM Sidechain

Ripple developers announced Axelar’s partnership for the Ethereum Virtual Machine (EVM)-compatible XRPL EVM Sidechain at XRPL Apex 2024. This project aims to enhance interoperability and create new opportunities across decentralized finance (DeFi) and real-world assets (RWAs).

The XRPL EVM Sidechain will utilize Axelar to facilitate the easy conversion of XRP into wrapped XRP (eXRP). This wrapped XRP will serve as the native asset and be used for gas fees.

“The XRPL EVM sidechain is set to launch with Axelar as the exclusive bridge to source the native gas token of the sidechain (eXRP) from the XRPL,” Ripple stated in a blog post.

Ripple’s team has collaborated with Peersyst Technology on XRPL. The platform’s CEO, Ferran Prat, commented:

“Axelar is a battle-tested, production-ready, and fully compatible bridge to bring wrapped XRP (eXRP) as a native currency to the XRPL EVM sidechain. The Peersyst engineering team is now working to migrate the main bridge to Axelar for the devnet.”

Big Moves for Ripple

The latest Ripple news adds to a list of notable moves made in recent days. Earlier, the US-based blockchain company confirmed plans for a dollar-pegged stablecoin. The firm also announced a collaboration with the central bank of Georgia and introduced a significant ecosystem fund for blockchain innovation in Japan and Korea.

Despite these partnerships and developments, there has yet to be a significant rally for the XRP token. However, analysts remain optimistic that regulatory clarity could be a turning point for this top 10 cryptocurrency by market cap.

Currently, XRP trades at $0.49.

Stay updated with the latest news and trends in the cryptocurrency world on Global Crypto News.

Post Views: 9