Speaking of Banker coins, Ripple recently announced that it will be developing a side chain for XRP that leverages the Ethereum virtual machine or EVM for smart contracts.
In case you haven’t noticed EVM support has sent many Ethereum competitors to the Moon in the past including Harmony and Phantom XRP.
Having an EVM sidechain could therefore be very bullish for XRP.
This ultimately depends on how fast XRP’s EVM sidechain would be.
As a fun fact the EVM is inherently limited to a few hundred transactions per second and 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 luckily for XRP ripple and Co recently gained access to documents related to former SEC director Bill Hinman.
This is significant because Bill famously said that Ethereum’s ETH is not a security because it is quote sufficiently decentralized.
There has long been speculation that Bill’s comments were only the tip of the iceberg of what the SEC was saying about ETH and other cryptocurrencies behind closed doors.
Ripple getting access to documents related to Bill could finally shed light on what’s been going on at the SEC, it could also help or indeed hurt Ripple’s defense against the SEC.
In a case that is close to entering its third year I can’t imagine what the SEC’s next case against a major crypto project will look like.
On that note I should remind everyone that we’re still waiting for the outcome of the SEC’s case against another crypto project called Library.
The outcome was expected almost a month ago but it appears the judge is hesitant to rule in either direction.
Given what’s at stake in short if the judge sides with the SEC then it may get the precedent it needs to win its case against Ripple.
More importantly the president may allow it to go after other top crypto projects.
If the judge sides with Library however then it may help with Ripple’s defense.
All I’m wondering now is what Secrets lie in Bill Hinman’s documents, so if anyone happens to have access to those documents or knows anyone who does shoot me a message on Twitter or Instagram.
I reckon Jeremy Hogan will beat me to it regarding when XRP will benefit from these developments it really depends on when the crypto bear Market will end.
As crazy as it sounds an EVM sidechain and a victory 4 Ripple may not cause XRP to Rally that much.
In these conditions take a second to consider that many are waiting to sell the news.