- Wrapped XRP will be added to the Ethereum blockchain in December, increasing the utility of the altcoin.
- The arrival of XRP on DeFi opens new markets and uses in the decentralized application ecosystem.
- Experts predict Ripple's win in SEC vs. Ripple case, implying a bull run in XRP.
Alongside positive developments in the SEC vs. Ripple case, the XRP network has bullish updates in its ecosystem. Wrapped recently announced support for XRP (wXRP) on the Ethereum blockchain, starting December 2021.
XRP arrives on Ethereum blockchain as wXRP
Behind the scenes of the ongoing SEC vs. Ripple case, the altcoin has made significant developments in its ecosystem. Wrapped tokens are pegged to the value of another cryptocurrency.
Wrapped has revealed that wXRP will hit the Ethereum blockchain in December. The wXRP token will be backed 1:1 by XRP in the DeFi ecosystem.
David Schwartz, CTO of Ripple, shared the news with crypto Twitter.
Wrapped XRP is coming to Ethereum! Great news for those that want to access XRP within Ethereum wallets, DeFi, and smart contracts.
— (@JoelKatz) November 1, 2021
It’s a multichain after all. https://t.co/36shyqF0Nj
Wrapped XRP will place XRP in custody with Hex Trust, a licensed and insured provider of bank-grade custody for digital assets. The critical difference between XRP and wXRP is that the wrapped version of the altcoin can be used in smart contracts.
As market participants allocate more capital, wXRP (tied to XRP) boosts utility and demand in the DeFi ecosystem.
Proponents have criticized the arrival of wXRP due to high transaction fees on the Ethereum network. However, the addition of XRP to multi-chain is expected to boost XRP's utility.
@WKahneman, a crypto proponent, expects long-term benefits in XRP from the arrival of wXRP on DeFi.
Will there be incentive to use wXRP in defi? Sure. XRP holders who want to borrow on their holdings? Lots of people grab coins just for staking/liquidity pools, etc.? Will it alter XRP's course? Probably not, but long term, XRP benefits the more ubiquitous it becomes.
— WrathofKahneman (@WKahneman) November 1, 2021
In response to the announcement, XRP price posted 11% gains and started an upward climb. Ben Armstrong, cryptocurrency analyst and YouTuber, believes that the SEC vs. Ripple case will close soon.
Brian Armstrong speaks on Ripple #XRP This is bound to close soon. #XRParmy We know where this is going! pic.twitter.com/GgUsVP2muy
— Ben Armstrong (@Bitboy_Crypto) November 1, 2021
@kingthies, a cryptocurrency analyst, has set a target of $3 for XRP. The analyst expects the altcoin to be relisted on top exchanges soon.
$XRP @ $1.11 -- assuming it breaks out whenever it's re-added everywhere, I'd imagine its a quick rip to $3+ pic.twitter.com/VSLmAq3zSI
— Crypto Thies (@kingthies) November 2, 2021
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.