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Ripple’s new effort to develop a sidechain on the XRP Ledger (XRPL) could be “very bullish” for XRP, according to a well-known cryptocurrency analyst.
The San Francisco payments firm said in a blog post earlier this month that blockchain developer Peersyst Technology is currently testing an Ethereum Virtual Machine (EVM) compatible sidechain for XRPL.
In a new YouTube video, the pseudonymous analyst known as Guy details why 2.16 million subscribers is great news for the price of XRP.
“In case you haven’t noticed, EVM support has sent many Ethereum competitors to the moon in the past, including Harmony and Fantom. Therefore, XRP with an EVM sidechain could be very bullish for XRP. This ultimately depends on how fast his EVM sidechain for XRP will be. “
However, Guy said that EVM is “intrinsically limited” to a few hundred transactions per second (TPS), but he doesn’t think this will be a big hurdle for Ripple.
“This means that Ripple has a lot of work to do to improve its TPS. Given that Avalanche, Near Protocol’s Aurora layer, and Solana’s upcoming Neon layer all leverage EVM and can handle thousands of transactions per second, this shouldn’t be too difficult.
One of the advantages XRP has over most other EVM chains is the large community of XRP holders. That said, XRP has one major drawback: it is the only major cryptocurrency selected as a security by the SEC as part of its lawsuit against Ripple. “
XRP is trading at $0.46182 at the time of writing. The sixth-largest crypto asset by market capitalization is up more than 2% in the last 24 hours.
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Featured Image: Shutterstock/Natalya Yudina/INelson
