With Bitcoin (BTC) maintaining its stance above $30,000, the anticipated surge from altcoins has yet to materialize, leaving the cryptocurrency sector in a state of uncertainty. However, a positive piece of news from any of these altcoins could potentially trigger a significant rally in the entire crypto sector. One such altcoin is the widely recognized XRP.
XRP and ETH Bridge Set!
XRP, the sixth-largest cryptocurrency by total market value, is steadily approaching a big day. While not as significant as the Ripple and SEC case, the imminent launch of an Ethereum sidechain has been the most anticipated development for XRP investors. Software company Perrsyst began developing an Ethereum-compatible sidechain for Ripple, and the expected day seems to be quickly approaching.
The work, which began in October 2022, completed its initial stage, and progress on the XRPL devnet picked up speed. This development allows programmers to access the features of XRPL and implement Solidity-based smart contracts on the XRPL network. It also establishes a substantial link between XRP and ETH through an EVM-compatible network.
XRP’s Big Date: Q3, 2023
The EVM-compatible sidechain for XRP, prepared for the Tendermint protocol, can handle over 1,000 transactions per second. The sidechain moved to its second stage yesterday and is now continuing with devnet V2. This significant advancement for XRP means the network now supports the XLS-38d feature and has activated various ERC-20 token transfers.
Developers have provided a clear date for the project. With the transition to the second stage, only the third and final stage remains. The sidechain is expected to be launched after audits are completed in July. This means the major development awaited by XRP investors is set to occur in Q3 2023. RippleX’s announcement will reveal the precise date. The RippleX team emphasized that everything will be completed once the XLS-38d bridge is approved on the main network. XRP investors will then be able to benefit from the features of the ETH network.
