XRPL Sidechain Token XAH Hit A New ATH Above $0.60, Could Exceed XRP Price
A sidechain on the XRP Ledger (XRPL), Xahau Network, has recently shown an impressive performance. Its native token XAH opened this week stylishly as it soared with over 400% increase.
With the increasing bullish momentum, XAH now records a new all-time high as it scales above the $0.60 region. This recent price trend could push XAH to overtake XRP quite soon.
XAH Creates A New All-Time High (ATH)Xahau Network took a huge leap, exceeding the trend in the broader crypto market. Its native coin, XAH, broke a series of resistance hurdles as it surged to $0.64 from $0.12.
Following its recent price movement, XAH has brought itself on par with XRP. Notably, XAH has a connection with the XRP Ledger, the platform on which it was developed. One of the notable factors influencing the explosive surge of XAU is its listing on the Bitrue exchange.
According to data from CoinMarketCap, XAH is currently trading on the Bitrue crypto exchange. This position could also impact the duration of its uptrend in the crypto market.
Meanwhile, the existence of XAH on the XRP Ledger has provided some improvement to the XRPL ecosystem.
As such, the token holders would expect sustainability in XAH's price growth, seeing its relevance on the XRPL network.XRPL Labs launched Xahau Network as a sidechain on the XRPL.
It comes with smart contracts via tapping Hooks amendment that enables users to create small scripts that function together with regular transactions.
Some scripts contain self-executing contracts that support some functionalities on the XRPL, such as fee voting and escrow management.As such, its presence could engineer the development of other types of decentralized applications (DApps).
Will XAH Overtake XRP?XAH has indicated a strong and remarkable growth rate recently. It rose to a new all-time high (ATH) of $0.64 before gradually slipping down its price ladder again. Following the new moves from XAH, many wonder if the token could overtake XRP in the future.
Notably, the changes in the tokens only take place on their dollar worth and may not impact their intrinsic value. Data from CoinMarketCap shows that while XAH still has a market cap of $201.3 million, XRP's market valuation has reached more than $33.24 billion. Conversely, while XAH has a smaller maximum supply of 600 million coins, XRP has 100 billion tokens.
This lower coin supply could trigger an explosive price surge for XAH, aiding it in surpassing XRP. Before now, many people indicated the possibility of Xahau overtaking XRPL's native coin, XRP.
However, the developers cleared the air on the role of the Xahua Network, a sidechain on XRPL.
According to Wietse Wind, the founder of XRPL Labs, the development of the sidechain will improve XRPL's operations and not scare away users. Also, on his part, the Chief Technology Officer at Ripple, David Schwartz, talked about the positivity of Xahau Network.
According to the CTO, the sidechain is a good experimental ground for developers in the DeFi space. The sidechain would aid in the implementation of smart contracts on the XRP Ledger in the long run, thereby boosting its utility.
The post XRPL Sidechain Token XAH Hit A New ATH Above $0.60, Could Exceed XRP Price appeared first on The Tech Report.