fxs_header_sponsor_anchor

XRP bulls plan comeback with arrival of wXRP in DeFi

  • 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 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. 

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. 

@kingthies, a cryptocurrency analyst, has set a target of $3 for XRP. The analyst expects the altcoin to be relisted on top exchanges soon.

 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.