u.today
As the Ripple community anticipates complete integration of the Ethereum Virtual Machine (EVM) compatibility into XRP Ledger (XRPL), Monica Long, the Ripple president, has shared a significant update. In an X post to members of the community, Long expressed excitement at the pace of progress being made by the developers.
Key developments in XRPL and Axelar partnership
Long noted that the second quarter report showed notable progress with the XRPL Ethereum Virtual Machine sidechain and Axelar for operability. Essentially, the XRPL EVM sidechain aims to provide opportunities for XRPL platform developers operating in decentralized finance as well as real-world asset tokenization. This will foster not only innovation but expansion of the XRP network as well.
Updates in Q2 – namely progress w/ the XRPL EVM sidechain & Axelar for interoperability, Archax expected to bring hundreds of millions of $ of tokenized RWA onto the XRPL and prep for future Oracles and MPT releases – are making me very excited about what’s coming in Q3 + Q4. https://t.co/GO7jjdBSsf
— Monica Long (@MonicaLongSF) August 2, 2024
As per updates, Axelar will function as an exclusive bridge for the sidechain’s native token from XRPL. Besides this function, Axelar can link over 50 blockchains to its ecosystem.
According to Long, Ripple looks forward to the Archax collaboration, which it anticipates will bring hundreds of millions of dollars in tokenized real-world assets into XRP Ledger. Meanwhile, as the community awaits these developments, other releases remain in the works.
Notably, the Ripple president hinted at two future releases in Oracles and MPT. As per Long, both the second and third quarters will unveil new developments for XRP.
Ripple v. SEC legal impact on XRP
Meanwhile, a closer analysis of the XRP Markets Report for the second quarter revealed that although the broader cryptocurrency market witnessed volatility, institutional adoption offered optimism. Notably, through RWA tokenization and achieving some regulatory milestones such as MiCA, XRP stayed ahead.
However, the Ripple v. SEC (Securities and Exchange Commission) legal battle remains a dark cloud hovering around and giving most community members concern. Some believe that XRP would do better once the legal suit gets settled or blows over as the lingering case has a negative effect on market performance.