Will XRP Price Moon?

• Furthermore, DeFi and Dapps developers do not need to worry about XRPL and Ethereum compatibility.
• David Schwartz, Ripple’s CTO, has significantly shaped the future of XRPL and Ethereum’s compatibility.

The XRP Ledger (XRPL) ecosystem is ready to welcome Ethererum Dapps through an Ethereum Virtual Machine (EVM) sidechain. Ripple has worked closely with Peersyst, a blockchain development company, to build the EVM infrastructure accordingly. In particular, Peersyst announced that they had released the first phase of the EVM sidechain for XRPL, which is now live on the XRPL Deevnet.

“This milestone means that more developers can easily access XRPL’s feature set (such as speed, sustainability and low-cost transactions) and bring solidity-based smart contracts to XRPL. As part of the Phase 1 launch, we are also introducing a bridge between an EVM-compatible chain and XRP Ledger Deevnet,” the announcement noted.

Furthermore, DeFi and Dapps developers do not need to worry about XRPL or Ethereum compatibility. Furthermore, Ethereum-based smart contracts will be seamlessly accessible on the XRPL ecosystem.

The persistent and pressing question is whether the XRP price will go to the moon after the EVM compatibility. According to our data, the cryptocurrency is trading at around $0.46, down about 3 percent in the last 24 hours.

Ethereum and XRPL are shaping the Multi-chain Future

David Schwartz, Ripple’s CTO, has significantly shaped the future of XRPL and Ethereum’s compatibility. Also, Schwartz started talking about EVM on XRPL years ago.

After completing the project’s first phase, the developers have announced that the second phase is on track for early 2023. Reportedly, the second phase will feature a permissionless EVM sidechain and bridge with a unique design that connects to the XRPL Deevnet to expand participation and testing scalability in a controlled environment. The end goal is phase three, which involves a permissionless EVM sidechain and bridge available on the XRPL Mainnet that is planned to follow.

Throughout all three phases, the EVM sidechain will have block and finality times comparable to the XRPL Mainnet and support Ethereum smart contracts and applications such as Metamask, Remix and Truffle.

According to market data provided by DefiLlama, Ethereum is the leading blockchain with the highest TVL. As such, Ripple saw it make sense to connect to the Ethereum network for future growth prospects.

XRP price to the moon?

The ongoing SEC-Ripple lawsuit is currently throttling the XRP price. Although a verdict may be around the corner, the past two years have not been easy for XRP hodlers. Furthermore, some cryptocurrency exchanges removed the asset after the SEC lawsuit.

From a technical point of view, the XRP price could register high volatility in the coming years following a multi-year possible wedge consolidation. Meanwhile, the XRP price remains strongly supported by Ripplenet development, which has partnerships with worldwide banks.