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- The XRPL network will be integrated into a secure cross-chain infrastructure via a multi-signature contract with 32 Axelar validators to enable seamless tokenization.
- Ripple-backed XRP price has gained around 9 percent in the past seven days to trade above the crucial support level of about 58 cents.
The mainstream adoption of web3 projects and digital assets has compelled blockchain projects to evolve with the market needs. Ripple Labs, a blockchain payment company focused on cross-border payments, has continued to develop the XRPL network, despite the notable hurdles from the ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC).
Moreover, competition in the layer one sector has compelled respective core developers to work throughout the crypto bear market.
Advanced RWA and DeFi Capabilities on XRPL Network
Ripple Labs and Alexar Foundation have announced a strategic partnership to enable seamless interoperability to the XRP Ledger (XRPL) network. According to the announcement, the Axelar network will enable the deployment of cross-chain decentralized applications (Dapps) on the XRPL network, through the Axelar’s General Message Passing (GMP). Consequently, the Axelar network will enable the adoption of Real-World Assets (RWA) tokenization on the XRPL network.
Axelar already connects Cosmos, EVM, and Polkadot chains in its fast-growing network of interoperable blockchains. XRPL adds a powerhouse of DeFi and RWA innovation into the growing Axelar ecosystem. The Axelar Foundation is excited to support this integration and expand the interconnected world of Web3 together with Ripple and XRPL.
Georgios Vlachos, co-founder of the Axelar protocol and director at Axelar Foundation, noted.
Notably, the XRPL network will be integrated into a secure cross-chain ecosystem through a multi-signature contract with 32 Axelar validators to help in signing transactions from the XRPL. The software needed to deliver the integration of the XRPL network and the Axelar ecosystem will be developed and maintained by Interop Labs.
This initiative from Axelar will help enhance the XRPL’s interoperability by extending it to a wider network of blockchain environments while complementing the XRPL’s rich feature set and opening up new pathways for utility and innovation,
David Schwartz, CTO of Ripple and Co-creator of the XRPL, noted.
XRP Price Ready to Moon
After more than five years of consolidation, Ripple-backed XRP price is more than ready to rally beyond its all-time high (ATH) in this crypto bull cycle. As formerly reported by Crypto News Flash, XRP has a decent chance of becoming a world reserve currency. Consequently, the value of XRP will continue to rally upward irrespective of the lawsuit outcome in the upcoming civil trial.
From a technical perspective, the XRP price on the weekly time frame needs to consistently close above 58 cents to guarantee a bull run towards $2. Furthermore, the weekly Relative Strength Index (RSI) has rallied above the 50 level and the 200 Moving Average (MA) is now acting as a support level. Additionally, the XRP price action shows an inevitable bullish breakout as the weekly macro triangular consolidation approaches the apex.
Notably, the XRP’s trading volume has spiked by more than 50 percent to around $4 billion on Thursday, thus increasing the chances of a bullish monthly close. According to the latest market data, XRP price is up around 12 percent in the past four weeks to trade around $0.594 on Thursday.
