2021-11-5 16:14 |
Ripple XRP/USD is a digital asset built for payments and is the native digital asset on the XRP Ledger.
It is a blockchain originally developed in 2011 and has stood the test of time.
The arrival of Wrapped XRP (wXRP) as a catalyst for growthOn October 27, Brian Armstrong said that Ripple is faring well against the case with the SEC.
On October 29, Wrapped.com announced on Twitter that they would be officially supporting Wrapped XRP (wXRP) on the Ethereum blockchain starting in December. This was also shared in a Tweet by David Schwartz, the CTO at Ripple, on November 1.
This means that, alongside the positive developments in the SEC vs. Ripple case, The XRXP network has solid updates in the ecosystem as well.
wXRP will be brought to the Ethereum blockchain in December, and the wXRP token will be backed 1:1 by XRP in the Decentralized Finance (DeFi) ecosystem.
This, in turn, will place XRP in custody with Hex Trust, which is a licensed as well as an insured provider of bank-grade custody, but for digital assets.
The main difference between XRP and wXRP is the fact that Wrapped XRP can be used with smart contracts.
This will, in turn, boost the utility and demand for the token within the DeFi ecosystem, which will lead to an increase in the token’s price.
Brian Armstrong, who is a cryptocurrency analyst, said on November 1 that the SEC vs. Ripple case would close soon. If it does with favorable results for Ripple, this could also be a huge win for the ecosystem.
Should you invest in Ripple (XRP)?On November 4, Ripple (XRP) had a value of $1.19388.
To get a better perspective as to what kind of value point this is for XRP, we will compare it to it’s all-time high value as well as its performance in October.
XRP had its all-time high value on January 7, 2018, where the token reached $3.40.
This means that the XRP token was $2.20612 lower in value or by 184% at its all-time high.
In terms of XRP’s performance in October, on October 1, the token had its lowest point with a value of $0.9486.
Its highest point was on October 10, when the token reached a value of $1.2258.
Here, the token increased by 29% in value, or by $0.2772 throughout the month.
However, from October 10 to November 4, we can also see that the token increased in value by an additional $0.03192 or 2%.
With this in mind, we can expect the token to reach $1.5 by the end of November.
In fact, the token could potentially jump to $2 in December after the official launch of wXRP, so investing in it now is a solid investment.
The post Should you invest in Ripple (XRP) after the arrival of wXRP in DeFi? appeared first on Invezz.
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