A popular crypto analyst has recently highlighted the reason why Ripple’s push to make XRP Ledger (XRPL) compatible with Ethereum Virtual Machine (EVM) sidechain is very bullish for the digital token XRP.
Recall that Peersyst, a blockchain development firm and Ripple went into partnership a while ago to create an EVM sidechain connected to the main XRPL instead of forcing developers to choose between chains.
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Also, the quest to make this happen reached a development milestone on the 17th of October. It was announced that Peersyst Technology has started to test an EVM-compatible sidechain for XRP Ledger.
In a new video on YouTube, the pseudonymous analyst known as Guy in the crypto space explained to his teeming subscribers the reason why this great move could turn bullish for XRP.
According to the analyst, although EVM is inherently limited in terms of the number of transactions per second (TPS), this shouldn’t be a difficult issue for Ripple to solve.
Guy noted:
“In case you haven’t noticed, EVM support has sent many Ethereum competitors to the moon in the past, including Harmony and Fantom. XRP having an EVM sidechain could, therefore, be very bullish for XRP. This ultimately depends on how fast XRP’s EVM sidechain would be…
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“This means that Ripple will have a lot of work to do to improve its TPS. This shouldn’t be too difficult to do, given that Avalanche, Near Protocol’s Aurora layer, and Solana’s upcoming Neon layer all leverage the EVM and can process thousands of transactions per second.
“The one advantage XRP would have over most other EVM chains is its massive community of XRP holders. That said, XRP does have one big disadvantage, and that’s that it’s the only big cryptocurrency that’s been singled out as being a security by the SEC as part of its case against Ripple and co.”
At the time of press, XRP is trading at $0.46, with a 0.04% price downtrend in the last 24 hours.
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