Ripple has partnered with the Axelar Foundation to improve how XRP Ledger connects with other blockchains. The Axelar team shared the news about this partnership in a press release. RippleX, which is the Ripple’s development branch, also discussed about it in a recent post.
The details from the release indicate that the goal of this partnership is to make it simpler for XRPL to interconnect with various blockchains.
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XRPL Expands Reach with Axelar Partnership
The partnership plans to expand XRPL’s reach by linking it to over 55 blockchain networks. The Axelar team mentions that this partnership will make dApps on XRPL work even better. RippleX also aims to add features like DeFi capabilities and real-world asset (RWA) tokenization.
The Axelar Network is a decentralized interoperability protocol. It facilitates efficient and safe transfer of assets across different networks. They plan to launch integration in May. Both parties are hopeful about its benefits to the XRPL community.
Ripple’s decision to collaborate with Axelar comes around because some people in the XRPL community worry that it is solely compared to other networks. This partnership will strengthen the XRPL ecosystem and expand its reach and prospective applications.
We keep saying it..the future is multichain! Hugely excited for @axelarnetwork to integrate with the XRP Ledger 1/ bringing more cross-chain dApps to XRPL 2/ providing liquidity for stablecoins + other assets 3/ expand the XRPL’s features to 50+ other blockchains. https://t.co/A8C8Kig34J
— Monica Long (@MonicaLongSF) February 28, 2024
Axelar’s GMP Solution Enhance XRPL Connectivity
Axelar’s GMP solution facilitates the smooth connection of tokenized XRPL assets with different apps in the crypto market. This connection unlocks new opportunities for dApp developers and lets them directly create decentralized applications on the XRP Ledger.
Axelar’s GMP product has shown how it successfully connected multiple blockchain networks. This capability makes it quite beneficial to the XRP Ledger. Consequently, it improves the efficiency and security of transactions on XRPL.
This collaboration with @Axl_Foundation will enhance the XRPL’s interoperability by extending it to a wider network of blockchains while complementing the #XRPL‘s feature set and opening new opportunities to broaden reach and utility. 🤝 https://t.co/zI8TcXzisH
— RippleX @ #ETHDenver2024 (@RippleXDev) February 27, 2024
Ripple and Axelar focus on transforming real-world assets into digital tokens on the XRPL. With Axelar’s tools and API, developers can seamlessly integrate this feature. This capability might open up new markets and use cases. Ripple and Zoniqx have teamed up to simplify the complexities of transforming real assets into digital tokens on the XRPL.
Ripple’s Leadership Optimistic About Partnership
David Schwartz, Ripple’s CTO, shared his positive perspective regarding the partnership. He mentioned that it would foster innovation in the DeFi sector.
Monica Long, Ripple’s president, emphasized three significant benefits of this partnership. These benefits are expanding the accessibility of dApps to the XRPL, enhancing liquidity for stablecoins and other assets, and extending XRPL’s capabilities to integrate with over 55 blockchains through Axelar.
SEC’s Extension Request and XRP’s Price Rise
In other related news, the SEC requested one more week to submit papers regarding possible solutions in the Ripple lawsuit. The court’s decision on this is not yet out. If granted, the deadline for documents will be extended from March to April 2024. Moreover, the lawsuit is still set for a jury trial on April 23rd, 2024.
Concurrently, the price of XRP increased recently, reaching $0.58 on February 28, 2024. Analysts predict that it may even cross $0.60 soon. They observe a pattern known as an “inverted head and shoulders” on the weekly Relative Strength Index (RSI). It could indicate that the trend may change soon. If the RSI crosses 50, it could continue pushing the price up.
Recent developments in the technological and legal aspects of the XRP Ledger are exciting developers and investors. Ripple plans to implement an EVM sidechain that will enhance the interoperability of XRPL. With the launch of the XLS-38 amendment, XRPL can interlink with other blockchains more effectively. The amendment and collaboration with the Axelar Foundation indicate a giant leap in improving interoperability within the XRPL network.
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