The XRP Ledger of Ripple has publicly announced a fresh alliance with Axelar, a programmable blockchain interoperability tool. Thanks in large part to this collaboration, Axelar’s native token, AXL, now costs much more.
AXL’s price skyrocketed on Wednesday after Ripple declared Axelar would be the sole gateway for the XRPL EVM sidechain. Reflecting the bigger market’s response to the most recent U.S. Consumer Price Index (CPI), CoinMarketCap data shows that AXL jumped beyond the main resistance level of $0.76. At $0.81, AXL peaked; at the time of writing, it was up 6%.
Ripple developers at the XRPL Apex 2024 conference revealed Axelar’s alliance for the Ethereum Virtual Machine (EVM)-compatible XRPL EVM sidechain. This project aims to increase interoperability and create new prospects inside real-world assets (RWAs) and distributed finance (DeFi).
Ripple Enhances Interoperability with Axelar for XRPL EVM Sidechain
The XRPL EVM Sidechain will make use of Axelar to enable simple XRP conversion into wrapped XRP (SRP), the native asset used for platform gas charges. “The XRPL EVM sidechain is set to launch with Axelar as the exclusive bridge to source the native gas token of the sidechain (SRP),” Ripple announced in a blog post.
Furthermore, Ripple’s XRPL alliance with Peersyst Technology was noted. “Axelar is a battle-tested, production-ready, totally compatible bridge to introduce wrapped XRP (eXRP) as a native currency to the XRPL EVM sidechain,” said Peersyst CEO Ferran Prat. The Peersyst technical team is currently undertaking the transfer of the main bridge to Axelar for the devnet.
This most recent partnership with Axelar complements several significant activities Ripple has been engaged in recently. Declared aspirations for a dollar-pegged stablecoin and a significant alliance with the central bank of Georgia, the US-based blockchain company XRP also provided a significant ecosystem fund designed to encourage blockchain innovation in Japan and Korea.
The XRP coin of Ripple has not seen any movement despite these developments. Still, experts remain bullish, suggesting that from legislative clarity, XRP, which now trades at $0.49 might have a turning point.
Through better interoperability and greater application of blockchain technology, the cooperation between Ripple and Axelar represents a bright road forward for both companies, ready for future expansion in the evolving digital asset sector.
