Ripple Forms Partnership with Altcoin Resulting in Price Movement

Ripple Coin News: Ripple Forms Partnership with Altcoin, Price Reaction!
Ripple’s XRP Ledger, backed by Ripple, has joined forces with Axelar to introduce a new XRPL EVM sidechain.
By Elif Azra Güven
12.06.2024 – 11:48
Update:
47 mins ago
0
The XRP Ledger, a blockchain network supported by Ripple, has unveiled its latest sidechain. The official title of this new sidechain has been revealed as the “XRPL EVM sidechain”.
In collaboration with Axelar, XRP Ledger has initiated this sidechain project. This new sidechain will initially operate as Axelar’s private bridge protocol.
Axelar’s platform will enable users to convert XRP into wrapped XRP (eXRP), which will serve as the native token for gas fees on the sidechain.
Ripple has expressed confidence in Axelar’s capabilities, stating that the partnership will enhance user experience and security. Axelar’s track record, including collaborations with major projects like Uniswap and Microsoft, was also commended by Ripple.
“The XRPL EVM sidechain will be launched with Axelar as the private bridge for sourcing the sidechain’s gas token (eXRP) from XRPL. Axelar can facilitate bridging between the XRPL mainnet and various fungible tokens from over 55 blockchains on the Axelar network.”
Ripple had previously announced plans to introduce a dollar-pegged stablecoin on the XRP Ledger and Ethereum platforms later this year.
Following this news, the price of Axelar (AXL) experienced a notable shift.
*Please note that this is not investment advice.
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