Recall that a Ripple-funded project, Flare Networks, announced its intention to bridge XRP and Ethereum ecosystems.
Weiss Ratings sees this as another means to showcase the functionalities and the impact of Ethereum in the cryptocurrency community, as many projects are already built and still building on the network.
The crypto rater said in one of its recent tweets that connecting with Ethereum is a new trend in the crypto industry.
Weiss Crypto Ratings tweeted, “The Flare Network plans to build a new two-way bridge connecting XRP to the Ethereum ecosystem. Everyone wants to connect to ETH. It’s the new hot thing in crypto.”
The Flare Network plans to build a new two-way bridge connecting #XRP to the #Ethereum ecosystem. Everyone wants to connect to #ETH. It’s the new hot thing in crypto.
— Weiss Crypto Ratings (@WeissCrypto) August 29, 2020
Recap of Flare Networks’ Intention to Bridge XRP and Ethereum (ETH) Ecosystems
The intention of bridging XRP and Ethereum ecosystems was made known by the Ripple-funded blockchain project, Flare Networks, on 26th August 2020.
As shared by Flare Networks via its official Twitter handle, one of the first possible governance proposals to consider by the foundation is the integration of a trustless 2-way bridge between Ethereum and Flare, which could bring about a mutual relationship between XRP and Ethereum ecosystems.
Flare noted:
“Likely one of the first governance proposals that the foundation is going to be asked to consider is integrating a trustless 2-way bridge between Ethereum and Flare.
“This would allow FXRP to be used trustlessly on Ethereum as well as providing a scaling platform for Ethereum tokens and applications whilst giving access to the XRP market for existing Ethereum applications. This could bring together the XRP and Ethereum ecosystems.”
The Situation of XRP, Ethereum and Other Cryptocurrencies in the Market
Virtually all the top cryptocurrencies in the market, including Bitcoin (BTC), are gearing up for a fresh upside trend after a brief pullback.
Ethereum (ETH), the second-largest digital currency by market capitalization, has managed to break above $400 resistance level once again, with a 2.25% price uptrend based on 24 hours estimation.
On the other hand, the Ripple’s digital token XRP is still struggling to break through $0.3 resistance level. At the time of filing this report, XRP is trading at $0.274184, with a 2.22% price upsurge in the last 24 hours.
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