Ripple (COIN: $XRP) Collaborates with Axelar (COIN: $AXL) – Volume Surges by 50%

Ripple (COIN: $XRP) is a blockchain-based real-time settlement system, remittance network, and currency exchange open to financial institutions globally, created by Ripple Labs Inc., a US tech company. It has a native token called XRP that is used to facilitate transactions.

Ripple Labs has developed various products and services, including the RippleNet payment network and the XRP cryptocurrency, often used in cross-border payment solutions at a low fee of $0.0001 XRP per transaction.

XRP soared by more than 16% in the past week, with trading volume rising over 50% in the past 24 hours. According to a report by Coinglass, This increase has driven the total trading volume across both the spot and derivatives markets to an impressive $7.8 billion.

Ripple-Axelar Partnership

Ripple and Axelar collaborated to enhance and improve the XRP ledger (XRPL) interoperability, making it seamless to transact across various blockchain networks. XRPL is a decentralized layer-1 public blockchain that revolutionized international payments and digital currencies. It is trusted by businesses and developers for effective tokenization and trading of cryptocurrencies.

This collaboration will provide developers with new integrations and advance toward a more innovative ecosystem. Furthermore, Axelar’s network will provide an avenue to expand XRPL’s functionality and outreach further.

Moreover, the collaboration will also enable the implementation of DApps on XRPL.  It will facilitate the seamless integration of tokenized assets on XRPL with a diversified pool of applications.  

Axelar is developed on hub-and-spoke network topology, enabling rapid identification and isolation of issues across interconnected chains while maintaining network liveliness and security.

The co-founder and director of Axalar said, “Connecting XRPL demonstrates Axelar network’s market-leading ability to integrate diverse consensus mechanisms into a unified environment for building seamless user experiences that scale everywhere.”

He added, “Axelar already connects Cosmos, EVM and Polkadot chains in its fast-growing network of interoperable blockchains. XRPL adds a powerhouse of DeFi and RWA innovation into the growing Axelar ecosystem. The Axelar Foundation is excited to support this integration and expand the interconnected world of Web3 together with Ripple and XRPL.”

The integration of Axelar with XRPL is set to launch in May 2024 and is one of the most significant events in blockchain interoperability.

The CTO and co-founder of Ripple, David Schwartz, said, “This initiative from Axelar will help enhance the XRPL’s interoperability by extending it to a wider network of blockchain environments while complementing the XRPL’s rich feature set and opening up new pathways for utility and innovation.”

$XRP Price Performance

At the time of writing, $XRP is trading at $0.6234 with a gain of 8.71% in a week and 22.72% in a month. The market cap is $34 billion, with a 24-hour trading volume of $4 billion. XRP is ranked 6th by market capitalization among thousands of cryptocurrencies.

Is XRP A Buy? 

XRP is one of the most innovative global payment systems and has caught the attention of investors. The recent collaboration with Axelar will provide security and maintenance to the XRP ecosystem, which has helped to boost the trading volume of XRP significantly in the past 24 hours. 

Since Ripple Labs won a case against the SEC, it has been on an upward trajectory. The lawsuit’s conclusion meant that the company could focus on collaborations worldwide to increase the utility of XRP. Ripple’s ongoing collaborations, rising tXRP trading volume, and the current crypto bull market make XRP a great addition to your portfolio with huge upside potential. 

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