XRPUSD: Ripple Testing EVM Sidechain, Smart Contract Functions
Although the crypto market is trading mostly sideways into Thursday, some good news coming in for Ripple’s XRP traders. An update on X reveals that the EVM sidechain that will bridge Ripple and Ethereum, the XChainBridge, could see a launch as soon as this year.
Peersyst, the technology firm that is collaborating on its development with Ripple, has confirmed via tweets on X that the XChainBridge public amendment has been published by Ripple’s development team and is being put to vote. Receiving 28 votes from Ripple’s validators will bring the XRP Ethereum EVM Sidechain one step closer to launch.
This sidechain would allow users to bridge existing tokens from the EVM sidechain to the XRP Ledger (XRPL). Developers already have access to an SDK so they can start including its technology into their dApps to make the most of both XRPL mainnet and Ethereum networks.
General Overview of Ripple’s Adoption
Notwithstanding the victory against the US SEC in its lawsuit, Ripple has experienced a slower pace of institutional adoption of its blockchain technology that facilitates fast and efficient cross-border payments. One of the oldest blockchain networks in the market has also come under some criticism from crypto enthusiasts for pitching its infrastructure to enable government CBDCs (central bank digital currencies).
In a recent interview with The Protocol, Ripple’s CTO David Schwartz introduced the possibility of XRP Ledger supporting smart contract-like functions via an upcoming feature called ‘Hooks’. Such an important addition could make the XRP Ledger more versatile, expanding beyond its key use case of enabling efficient cross-border transactions.
XRP/USD Outlook
The news has failed to drive much volatility in XRP/USD, however, amid the uncertain mood in the crypto market. While moving averages exhibit strong selling pressure on the token, the Stochastic oscillator recommends this could be a good time to buy the low in Ripple’s XRP coin.
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