Ripple Price Forecast

Ripple Underpinned at $1.16, With ‘Wrapped’ XRP Coming to Ethereum (ETH) Blockchain

Posted Friday, November 5, 2021 by
Arslan Butt • 2 min read

According to Wrapped.com, a cross-chain wrapped assets service provider, if all goes as planned, wrapped XRP (wXRP) will be available on the Ethereum blockchain before the end of the year.

By December, XRP will be available on the Ethereum blockchain.

According to the statement, the Wrapped XRP (wXRP) would be backed 1:1 by XRP, and Hex Trust would provide custodial services for this form of asset.

Wrapped tokens are crypto-assets hosted on a different blockchain from the one from which they originated, with a price related to the underlying asset. Wrapped Bitcoin (wBTC), for example, is Bitcoin-hosted on the Ethereum blockchain.

The XRP/USD pair finished at $1.20040, having reached a high of $1.25700, and a low of $1.16362. XRP/USD rose to its highest level since September 7, but then fell back to retrace its steps.

Ripple Live Rate

RIPPLE

Ripple supported despite SEC lawsuit.

Despite the never-ending SEC lawsuit, the army behind XRP has teamed up with the full support to push Ripple into the mainstream. The team has expressed remarkable interest in Ripple, stating that XRP will remain their favorite cryptocurrency, no matter what happens.

The XRP army has started a campaign on Twitter, with the hashtag “RelistXRP” trending positively on the social media platform. The trend of this hashtag, to relist the XRP token, has received massive attention from the XRP army, which started this trend, causing Coinbase to rethink regarding the relisting of the token, as the SEC was gradually fading out in the ongoing lawsuit, in which they claimed that Ripple was unlicensed security. 

Furthermore, as there is no final judgement from the court, the XRP army has new hope that the crypto platforms will soon lift their ban on XRP trading. If this happens, this will push Ripple’s momentum and mainstream adoption towards achieving its intended purpose.

Furthermore, the movement to relist XRP on Coinbase Exchange and other exchanges was the reaction of the XRP lovers on Twitter to show their support for the cryptocurrency, despite the ongoing lawsuit against the SEC. It aided the XRP token in gaining market traction, and it surged to its highest level since El Salvador’s Bitcoin day, September 7.

Wrapped XRP (wXRP) to come to Ethereum Blockchain

Furthermore, the wrapped XRP (wXRP) is set to come to the Ethereum blockchain next month. It will enable XRP holders to interact with aspects of decentralized finance, such as executing smart contracts for use in borrowing and lending, swapping for altcoins via their native tokens. Currently, the network can only offer to send, receive and hold XRP. The upcoming wrapped token is also behind the recent upward momentum in XRP/USD prices.

Ripple Daily Technical Levels

Support         Resistance

1.15702             1.25040

1.11363             1.30039

1.06364            1.34378

Pivot Point:     1.20701

Ripple Price Forecast
Ripple Price Forecast – 4-Hour Timeframe

Ripple Underpinned at $1.16 – A Quick technical outlook

  • On Friday, the XRP/USD coin is trading at the $1.19 level, gaining immediate support at the $1.1623 level. 
  • On the 4-hour timeframe, the upward channel is supporting the buying trend in the XRP/USD coin. Thus, the odds of a continued bullish trend remain high on Friday. 
  • On the higher side, XRP/USD’s immediate resistance remains at the 1.2295 level, and a bullish breakout exposes the XRP/USD price to the 1.3010 level. 
  • On the support side, the XRP/USD’s support levels prevail at 1.1622 and 1.0900 levels, while the MACD is exhibiting a bearish crossover, suggesting weakness in the bullish bias.
  • The 50 day EMA is in support of a buying trend. Since there is a divergence in the MACD and EMA, we should be keeping an eye on the 1.1622 level, to stay bullish above this level or bearish below it. Good luck! 

 

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