Ripple News Today – Flare Networks Build Creates Trustless Bridge Between Ripple and Ethereum – August 27th, 2020 

XRP2
  • Flare Networks has Launched a two-way Trustless Bridge Between the Ethereum Blockchain and Ripple
  • The Product Allows People to Generate Smart Contracts Using the XRP Ledger 
  • Ripple XRP is Now Hovering Above the $0.2700 Support 

Ripple News Today – In our Ripple News last week, we noted that Flare Networks partnered with Ripple to create a two-way bridge between Ethereum and Flare. They also sent in a government proposal regarding where it will be implemented.

The bridge will be a means for Ethereum-based applications to access the XRP Ledger and vice versa. Flare Networks is funded by XRP’s investment arm Xpring. The product will be integrated into the XRPL and Ethereum ecosystems. Through witter, Flare Networks will present a governance proposal.

Ripple News Today – Flare Network to Change the Game for Ripple

Part of the post from Flare Networks said;

 

“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.”

The latest report from CNF stated that the partnership between Flare Networks and Ripple started toward the end of 2019. Both companies have the same goal; to integrate smart contracts into the XRP Ledger. They intend to increase the functionality of the XRP Ledger and make it compatible with smart contracts. They are Turing Complete Federated Byzantine Agreement (FBA) networks. The Ethereum Virtual Machine will be integrated into the XRP Ledger. The CEO of Flare Network, Hugo Philion, sent out the proposal so users will decide whether the network is worth invested resources.

XRP Price Prediction 2020 – Ripple XRP Price Prediction

Philion said that many other projects have been released to serve as a bridge between Ethereum and other networks. So, the current project for Ethereum and Ripple is viable. The native asset of their product is called Flare Token (FXRP) on Ethereum. Part of the announcement was;

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$1.0003.44%

“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.”

XRP Price Prediction – Ripple XRP is Now Hovering Above the $0.2700 Support

In other news, the price of XRP was $0.274459. It is down by 0.96% against the USD and down by 2.20% against Bitcoin BTC. The trading volume over a 24 hour period was $1,210,887,231 and the market capitalization was $12,349,267,340. The token has lost a lot of bullish momentum compared to last week when it tested the $0.2919 level. Traders are waiting to sell as soon as the token falls lower to the $0.2700 level. If the token started recovering. It will need to cross the resistance at $0.2850 level which once acted as support against the USD.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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