Ripple’s XRP Ledger (XRPL) has announced a strategic collaboration with Axelar, a leading programmable blockchain interoperability platform. The partnership has ignited a significant price surge for Axelar’s native token (AXL), driven by Ripple’s decision to adopt Axelar as the exclusive bridge for its XRPL EVM sidechain.
Axelar’s Market Performance
- Price Surge: AXL jumped from below $0.76 to $0.81 (+6%) following the announcement, per CoinMarketCap data.
- Market Catalyst: The rally coincided with broader crypto market reactions to US CPI data, with Bitcoin and altcoins showing volatility.
XRPL EVM Sidechain: Enhanced Interoperability
Developers unveiled the partnership at XRPL Apex 2024, highlighting Axelar’s role in bridging the Ethereum Virtual Machine (EVM)-compatible sidechain to XRPL. Key features include:
- Wrapped XRP (eXRP): Axelar will facilitate the conversion of XRP into eXRP, the sidechain’s native asset for gas fees.
- Exclusive Bridge: Axelar is the sole bridge for sourcing eXRP from XRPL, ensuring seamless cross-chain functionality.
👉 Explore how blockchain interoperability is transforming DeFi
Peersyst Technology’s Involvement
Ferran Prat, CEO of Peersyst Technology (Ripple’s collaborator on XRPL), noted:
“Axelar’s battle-tested infrastructure is critical for migrating the main bridge to Axelar in the devnet phase.”
Ripple’s Strategic Expansion
This partnership adds to Ripple’s recent momentum:
- Stablecoin Plans: Confirmed development of a USD-pegged stablecoin.
- Central Bank Collaboration: Partnered with Georgia’s central bank for blockchain solutions.
- Ecosystem Fund: Launched a fund to boost blockchain innovation in Japan and Korea.
Despite these developments, XRP’s price remains subdued at $0.49. Analysts speculate regulatory clarity could catalyze a rally.
FAQ Section
Q: Why did Axelar’s price surge?
A: The rally was triggered by Ripple’s announcement of Axelar as the exclusive bridge for its XRPL EVM sidechain.
Q: What is wrapped XRP (eXRP)?
A: eXRP is a cross-chain version of XRP used for gas fees on the EVM-compatible sidechain.
Q: How does Axelar enhance interoperability?
A: By enabling secure asset transfers between XRPL and EVM chains via its programmable bridge.
👉 Discover more about cross-chain asset transfers
Keywords: Axelar (AXL), Ripple, XRP Ledger, EVM sidechain, interoperability, wrapped XRP, blockchain bridge, DeFi.
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