Injective integrates XRP via XRPL EVM Sidechain, boosting on-chain finance and signaling growing token adoption across platforms.
Building on the debut of the XRP Ledger EVM Sidechain, Injective is broadening the scope of on-chain finance with the live integration of XRP.
Injective has emerged as a trailblazing blockchain that harnesses the power of Ripple’s digital asset by including this solution.
Despite this significant improvement, the price of INJ has fallen by almost 5% today.
Injective Uses XRPL EVM To Integrate XRP
In an X post, Injective recently announced the adoption of the Ripple cryptocurrency and their strategic partnership with Ripple and XRP Ledger.
This comes after XRPL recently integrated EVM, which enhanced the network’s environment by adding Ethereum compatibility and innovative contract features.
Importantly, this integration is a significant step toward increasing XRP’s usefulness and accessibility.
“The first major chain to integrate Peersyst’s XRPL’s EVM mainnet, enabling a seamless gateway into one of the largest assets in all of crypto,” Injective wrote in the post.
Since then, the price of Ripple’s native token has increased significantly by 6.8%, reaching a weekly high of $2.319.
With a 1.13% increase over the last day, the token still trades in the green zone, even if it quickly fell to $2.19. At $4.14 billion, the trading volume has also increased by 114%.
However, despite rising to a daily high of $11.15 earlier today, the price of INJ has experienced a steep 4.9% drop in a single day.
The INJ token is now trading at $10.42, down 10% weekly and 11% monthly. There was a 4.5% drop in trade volume, now $82.36 million.
Businesses Use XRP To Purchase Treasury Assets
Although Injective is the most recent company to enter the Ripple market, numerous businesses have already adopted the token, and more are in the process of doing so.
A significant shift in institutional crypto adoption is indicated by public firms’ growing acceptance of Ripple’s digital asset as a strategic treasury asset, as disclosed by attorney John Deaton in his latest X post.
Deaton states, “At least five companies are already implementing a Ripple Treasury Strategy.”
He emphasized the list of businesses that have made significant token investments.
For example, to become the first publicly traded firm focused on XRP, Vivopower International raised $121 million to build a $100 million XRP treasury.
Adam Traidman, a former SBI Ripple Asia executive, advises this approach, which Saudi investors support.
Webus International Ltd., Hypperscale Data Inc., Wellgistics Health Inc., and Worksport Ltd. are more XRP investors.
Hyperscale wants to view XRP as a balance sheet asset but also hopes to introduce a lending platform by the end of 2025.
Webus International, based in China, teamed up with Samara Alpha Management to oversee a $300 million XRP treasury for Web3 applications and cross-border settlements, as CoinGape reported.
Wellgistics Health Inc. is also using the token for real-time payments to cut down on typical banking delays.
A significant change in the cryptocurrency market is indicated by the incorporation of Ripple’s token into Injective’s platform and large corporations’ increasing use of the token as a treasury asset.
The XRPL EVM Sidechain debut and the impending Ripple litigation drive the ongoing spike in institutional interest.
