XRP, the native token of the Ripple network, has recently experienced a remarkable price surge, gaining over 360% in the past month. This rally has propelled it to become the third-largest cryptocurrency by market capitalization, surpassing even major stablecoins and other prominent assets. Beyond the crypto sphere, XRP's market value has also exceeded that of major traditional companies like Pinduoduo, China Life Insurance, and Citigroup, now ranking 138th globally.
This resurgence has sparked renewed interest in the broader XRP ecosystem. Numerous projects built on or connected to the XRP Ledger (XRPL) are witnessing a significant uptick in attention and valuation. This article provides a structured overview of key projects within this expanding ecosystem that have already issued their own tokens.
Understanding the XRP Ledger (XRPL) Foundation
The XRP Ledger (XRPL) is an open-source, decentralized blockchain technology that was launched by Ripple in 2012. While historically known for its fast and efficient payment settlements, Ripple has been actively fostering the growth of a more diverse ecosystem around XRPL in recent years.
A major development is the ongoing enhancement of the ledger's programmability. A significant milestone is planned for 2025: the launch of an XRPL EVM-compatible sidechain. This upgrade is poised to massively broaden the scope of applications that can be built within the Ripple ecosystem, allowing developers to port over Ethereum-based smart contracts.
Furthermore, Ripple is advancing into the stablecoin arena with RLUSD, which has undergone beta testing on the XRPL. Strategic partnerships, such as the expanded collaboration with UK-based crypto exchange Archax, aim to bring hundreds of millions of dollars in tokenized real-world assets (RWA) onto the XRPL, positioning it as a leading blockchain for RWA tokenization.
Key Projects within the XRPL Ecosystem
According to ecosystem data aggregators, the XRPL is now home to a growing number of projects. Notably, several have already launched their own native tokens, with many seeing impressive gains alongside XRP's rally.
Evernode (EVR): Customizable Layer 2 Hosting
Evernode is a permissionless, decentralized layer 2 network designed to host highly flexible and scalable decentralized applications (dApps). Its unique proposition is enabling developers to build customized "AppChains"—mini-blockchains for specific dApps. This allows for development in a developer's preferred programming language and offers geographical flexibility, all without the need to create a new consensus mechanism from scratch.
Its native token, EVR, launched in February of this year. It has seen substantial growth, rising approximately 336% over the past month.
Sologenic (SOLO): On-Demand Tokenization Ecosystem
Sologenic offers a comprehensive ecosystem for the on-demand tokenization of real-world assets. Built on top of the XRPL, its platform allows users to invest in, trade, and tokenize assets such as stocks, ETFs, and fiat currencies. This bridges traditional finance with the flexibility of blockchain-based assets.
The SOLO token has been a top performer, surging over 500% in the last thirty days, reflecting intense market interest in its tokenization services.
Xahau Network (XAH): The Smart Sidechain
Xahau Network is a smart sidechain for the XRPL, introducing enhanced programmability through features like native smart contracts called Hooks. It also offers unique functionalities such as IOU token escrow and PayChannels, which improve transaction flexibility and security for users and developers.
Its token, XAH, has posted significant gains, increasing more than 80% in the past month as development on the network progresses.
Technical Partners and Collaborators Powering the XRPL
The expansion of the XRPL's capabilities is being driven by crucial technical partnerships with other blockchain projects.
Coreum (COREUM): Enabling Cross-Chain Transfers
Coreum is a layer 1 blockchain built using the Tendermint BFT consensus mechanism. A key contribution to the XRP ecosystem is its upgraded XRPL bridge, launched in March. This bridge enables seamless transfer of XRP not only to the Coreum network itself but also into the broader Cosmos ecosystem and the multitude of networks built on the Ethereum Virtual Machine (EVM).
The COREUM token's value has surged over 420% in the past month, highlighting the importance of its interoperability solution.
Evmos (EVMOS): Providing the EVM Sidechain Tech Stack
Evmos, through its modular evmOS technology stack, is a central technical partner for Ripple. The collaboration focuses on building the upcoming XRP Ledger EVM sidechain. evmOS leverages the Cosmos SDK, IBC, and CometBFT to deliver a customizable and modular stack that brings EVM compatibility to enterprises looking to build on the XRPL.
The EVMOS token has seen a dramatic increase of nearly 200% in value over the past month.
Axelar (AXL): The Official Cross-Chain Protocol
Axelar has been selected as the exclusive cross-chain protocol for the new XRPL EVM sidechain. It will be fundamental in facilitating interoperability, allowing users to convert their native XRP into a wrapped version (eXRP) that will be used to pay for gas fees on the new sidechain. This integration is a critical piece of the puzzle for bringing smart contract functionality to the XRP ecosystem.
AXL's market performance has been strong, with a 44% increase in the last thirty days.
Band Protocol (BAND): Delivering Oracle Services
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Since late 2023, Band has been the primary oracle provider for the XRP Ledger mainnet and its forthcoming EVM sidechain, supplying reliable price feeds essential for DeFi applications.
The BAND token has appreciated by 76% over the past month.
Other Notable Projects with XRP Associations
Beyond the core ecosystem and its direct technical partners, other projects share a historical or technical connection to XRP.
Stellar (XLM): The Payment Network Founded by a Ripple Co-Founder
Stellar was founded by Jed McCaleb, who was also a co-founder of Ripple. He left the company in 2013 due to strategic differences and created Stellar as an open-source network for currency translation and payments. Despite being separate entities, the XLM and XRP tokens often show a high degree of price correlation.
XLM has mirrored XRP's explosive growth, skyrocketing over 490% in the past month.
The Root Network (ROOT): A Metaverse-Optimized Blockchain
The Root Network is a decentralized blockchain specifically optimized for metaverse applications, games, and experiences. Its developer, Futureverse, secured a $54 million funding round in 2023 with participation from Ripple. This project is deeply integrated with the XRPL: it utilizes the XRPL NFT standard, uses XRP for gas fees on its network, and integrates with the XRPL DEX for liquidity.
The ROOT token has increased by 160% in the last thirty days.
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Frequently Asked Questions
What is causing the current surge in XRP's price?
The surge is likely driven by a combination of factors, including positive market sentiment, speculation around Ripple's ongoing developments like its upcoming stablecoin and EVM sidechain, and a broader bullish trend in the cryptocurrency market. Its legal clarity in some jurisdictions has also renewed investor confidence.
How does the XRPL EVM sidechain benefit the ecosystem?
The EVM sidechain will introduce Ethereum Virtual Machine compatibility to the XRP ecosystem. This allows developers familiar with Ethereum's tooling to easily build and deploy smart contracts on a sidechain that is interoperable with the fast and low-cost XRP Ledger, significantly expanding its use cases.
What is the difference between XRP and the other tokens mentioned?
XRP is the native currency of the XRP Ledger, primarily used for transaction fees and liquidity. The other tokens (like EVR, SOLO, XAH) are native to their own specific projects or sidechains within the broader ecosystem. They serve various purposes, including governance, paying for services, and facilitating specific application functions.
Are these ecosystem projects a safe investment?
Investing in any cryptocurrency, especially newer ecosystem projects, carries inherent high risk. Their valuations can be extremely volatile. It is crucial to conduct thorough personal research (DYOR), understand each project's utility and tokenomics, and only invest what you are prepared to lose.
How can I acquire these ecosystem tokens?
Many of these tokens are available on various centralized and decentralized cryptocurrency exchanges. However, availability varies by region and exchange. Always ensure you are using a reputable platform and secure storage method, like a personal hardware wallet, for any assets you purchase.
What is tokenization of real-world assets (RWA)?
RWA tokenization is the process of converting rights to a physical or traditional financial asset (like real estate, company stocks, or commodities) into a digital token on a blockchain. This can make these assets more accessible, divisible, and easier to trade 24/7 on global markets.