Wrapped XRP

America

Axelar

Ripple, a blockchain firm, is dealing with the regularity scrutiny launched by the US Securities and Exchange Commission (SEC). However, this legal compilation hasn’t stopped Ripple from expanding globally and joining hands with other entities. Ripple joins hands with Axelar 
In the latest announcement, Ripple stated that it is set to enhance the interoperability of the XRP Ledger (XRPL) by introducing the XRPL EVM Sidechain. This operation will aim to unlock new opportunities in <a href="https://news.todayq.com/defi-protocol-uwu-lend-hit-by-19-3-million-exploit-report/">decentralized finance</a> (DeFi) and real-world asset (RWA) tokenization, it added. 
It mentioned that this integration is the bridge that connects XRPL with the EVM Sidechain. Wrapped XRP (eXRP) will be playing a crucial part in this mission. The token will serve as the native asset and gas token for the sidechain. This will facilitate seamless asset transfers between XRPL and the EVM Sidechain.&nbsp; 
Ripple highlighted that as the XRPL EVM Sidechain launch approaches, securing the mainnet bridge and refining the user and developer experience to make asset bridging seamless will be done first. 
It is important to note that the collaboration is being done with Axelar. Axelar will be the exclusive bridge for sourcing the native gas token (eXRP) from XRPL. While bridging other fungible tokens to and from the XRPL mainnet, and connecting with over 55 blockchains in the Axelar network. Can it help its native token? 
It would be crucial to see if this can push XRP price up in the upcoming year. XRP price is down by over 22% on the year to date (YTD) basis. Its price has declined by around 29% in the last 90 days. XRP is trading at an average price of $0.483, at the press time. Its 24 hour trading volume is down by 8% to stand at $1.19 billion with a market cap of $26.8 billion. 
Data provided by whale alert depicted that whales had moved more than 64 million XRP token (approx worth $31 million) over exchanges in the last 24 hours. The biggest transaction record by the tracker has been of moving almost 33 million XRP tokens (approx worth $15.7 million) from the crypto exchange Binance. The whale accumulated heavily before the announcement was made. 
The major announcement comes amid the ongoing lawsuit between Ripple and SEC. This move suggests that the Ripple is looking out for alternative beyond America not just to expand its wings.

Ripple unveils XRPL EVM sidechain with eXRP as key player

Todayq News

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