XRP gains 10% while wrapped XRP to launch on Ethereum in December

ripple XRP, wrapped XRP wXRP ethereum
“Ripple cryptocurrency price graph chart on mobile phone screen” by wuestenigel is licensed under CC BY 2.0

Key Takeaways:

  • XRP, the native token of the blockchain startup Ripple Labs, gained 10% and traded at $1.20.
  • The digital asset complied with CoinChapter’s previous prediction and broke out of the Symmetrical Triangle pattern.
  • Ethereum rally and the upcoming wrapped XRP launch could have spurred the uptrend.

YEREVAN (CoinChapter.com) – Wrapped XRP will launch on the Ethereum blockchain in Dec 2021, according to Ripple Labs executive. Meanwhile, Ripple’s native token XRP gained 10% and traded at $1.20 in the New York session Wednesday. Moreover, the digital asset followed CoinChapter’s previous prediction and broke out of the pattern it traded in for the past seven months.

As mentioned in the previous review, the digital asset formed a pattern dubbed the Symmetrical Triangle. It featured two trendlines, enveloping the price swing while reducing it as the pattern progressed. XRP broke the resistance trendline in the Asian-Pacific session on Nov 3.

XRP broke out of the Symmetrical Triangle. Source: XRPUSD on TradingView.com
XRP broke out of the Symmetrical Triangle. Source: XRPUSD on TradingView.com

Also read: XRP price eyes breakout as Ripple Labs wins right to hide ‘privilege logs’ from SEC

The Symmetrical Triangle predicted a 150% growth for Ripple’s token, pinpointing the target price at roughly $2.75. Given the recovery wave across the altcoin market and the news about the wrapped XRP launch on Ethereum, the prognosis could look realistic.

What fueled XRP?

XRP, like many other altcoins such as Cardano (ADA), Solana (SOL), and Polkadot (DOT), saw green candles in the past few days, inspired by Ethereum gains. The alpha altcoin put on 8% and triggered a recovery wave across the market, while Bitcoin consolidated at $63,051.

Moreover, on Oct 29, Ripple announced it planned to launch wrapped XRP on Ethereum in December. The wrapped version of the token will allow XRP holders to benefit from Ethereum’s DeFi ecosystem without exchanging the digital asset. Hex Trust, a Hong Kong-based digital asset custody provider, will back the cross-chain jump.

David Schwartz, Ripple’s chief training officer, tweeted the news on Friday and added that wXRP would be “multichain.”

Also read: XRP price poised to grow higher as Ripple enters partnership with Middle Eastern payment giant

In hindsight, a wrapped token can be created by placing a digital asset in a special digital vault. The wrapped token would run on a different blockchain than the original. The process enables wrapped token holders to use smart contracts, which are otherwise inaccessible to them, without exchanging the asset.

Ethereum’s rally and the upcoming wXRP announcement might have boosted XRP’s price action. Additionally, given the bullish technicals, it is poised for more gains in the upcoming sessions.

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