Ripple (XRP) to Introduce Ethereum-compatible Smart Contracts Through a New Sidechain
This sidechain will allow for more than just basic transactions, enabling complex applications like decentralized exchanges and token issuance.
Ripple is planning to introduce Ethereum-compatible smart contracts to the XRP Ledger through a new sidechain. This sidechain will enable transactions beyond basic use cases, facilitating advanced applications like decentralized exchanges and token issuance. The development will also utilize the Axelar network for cross-chain token transfers, with Wrapped XRP serving as the main token on the sidechain.
This upgrade will bring Ethereum Virtual Machine (EVM) compatibility to the XRP community, allowing developers to leverage familiar tools and programming languages. This move is set to expand the XRP Ledger's appeal to a global developer community, aiming to extend its use beyond financial transactions to more advanced blockchain applications.
The XRP Ledger, an open-source blockchain network that processes financial transactions using XRP tokens, initially began testing Ethereum-compatible smart contracts in 2022. The new XRPL EVM sidechain will enable interoperability between the XRP Ledger and other blockchains, with Wrapped XRP serving as the native asset and gas token on the sidechain to drive broader functionality and developer engagement.
Impact on XRP Price
XRP's price has been largely affected by its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which filed a lawsuit against Ripple Labs in December 2020. Like other cryptocurrencies, XRP is also influenced by overall market sentiment. However, the expected Federal Reserve rate cuts in late September could create a positive atmosphere for cryptocurrencies like XRP.
At the time of writing, XRP is trading at $0.57, up by more than 2%. As for Bitcoin, the price is struggling to establish strong support at the $60k levels and is retesting the $58,500-$59,500 levels.
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