Can Wrapped XRP on Ethereum help this “loose stablecoin” turn the tide?

For the past few months, XRP has made the headlines largely due to the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC). This may have deterred people from paying attention to network developments. The latest update could really benefit XRP.

XRP on Ethereum

Wrapped recently launched notification that from December they will support Wrapped XRP (wXRP) on the Ethereum blockchain.

The token – which is supported 1: 1 by XRP – can be used throughout the Ethereum DeFi ecosystem. Not only will this move benefit the introduction and expansion of XRP, but it also makes Ethereum a more attractive DeFi option thanks to its multi-token support.

The market seems very excited about this announcement. As a result, the XRP price action rose 11.81% over the next 4 days, rebounding from a 10.1% decrease from the previous day.

This increase is really needed and the token needs such an impetus to break out of the almost 2 month consolidation. Since September 7th below $ 1,168 and since early October above $ 0.099, XRP has barely moved.

Such a long merger may not be the best for it.

XRP price promotion | Source: TradingView

The last week was pretty unusual as the long-term owners sold out for the first time in October.

In fact, on October 27th, even whales made their largest move in six months.

XRP whale movement | Source: Santiment

The decline in network growth that began on October 24 also recovered somewhat by the end of the month.

Growth of the XRP network | Source: Santiment

However, with Polkadot turning off XRP for a short period of time recently, the price of XRP has to go up to take 7th place. If this is not increased soon, it could happen again and last longer.

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Annie

According to Ambcrypto

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