How Wrapped XRP on Ethereum Could Boost XRP Prices

All XRP traders and investors hear about Ripple is the SEC lawsuit, potentially bringing prices down because of their uncertainty of the company’s success. However, traders and investors fail to see Ripple’s network developments to increase XRP prices to newer heights. 

One of the latest network developments is their support for Wrapped XRP on the Ethereum blockchain. Ripple announced that WXRP would launch on by December through the collaborative participation of Hex Trust

Through Asia’s digital asset custodian, people using can use wXRP through Ethereum’s defi ecosystem. 

Hex Trust is one of the leading fully licensed providers of bank custody for digital assets in Asia. Hex Trust created a bank-grade platform that provides additional services to financial institutions and digital service providers. 

According to Calvin Shen, the Head of Sales and Business Development at Hex Trust, their collaboration with the XRP ecosystem would allow the company to mobilize wXRP on the Ethereum blockchain. 

This announcement brought positive sentiments among the traders and investors during the trading day. Investors and traders saw XRP prices increase by 11.81%, a significant recovery from the 10.1% downward correction from the previous day. 

Prices started to show more buying pressure that offset those selling the coin. However, the price would need to increase further to break the 2-month consolidation. XRP is still stuck at $1.168 since September 7, 2021, while October allowed XRP prices to stay above the $0.099 mark. 

Nevertheless, if buyer sentiments increase in the coming weeks, XRP prices could increase by 200% after the breakout

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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