Wrapped XRP on ETH blockchain by year’s end: See how it will affect the price

Recently, wrapped.com announced that Wrapped XRP (XRP/USD) would appear on the Ethereum (ETH/USD) blockchain before the end of this year. How will this impact Ripple’s price? Can we expect another bull run?

1:1 backing by Ripple, new DeFi privileges for token holders   

Wrapped XRP will be backed 1:1 by XRP. Custodial services will be provided by HEX Trust. Wrapped tokens will provide token holders with new DeFi privileges. They are crypto assets hosted on a blockchain that’s different from their original network.

The best-known wrapped token is Wrapped Bitcoin (WBTC/USD), which makes it possible to trade Bitcoin (BTC/USD) on DEXs as it is hosted on the Ethereum blockchain.

Breakout beyond resistance levels expected

According to Credible Crypto, the price of Ripple will explode above significant resistance levels in the very near future. The analysts find Ripple’s current price structure is similar to that of TRAC (OriginTrail), a rapidly growing token and data sharing protocol. Following its listing, TRAC gained more than 200%. Ripple is expected to surpass its all-time high, reaching above $3.4.

Below is a quick overview of price predictions and how the announcement will impact XRP.

Weekly time frame

RSI flags higher values above level-25 on the monthly time frame, a trend confirmed by oversold levels on the weekly time frame. Oversold support on June 21 was confirmed by hidden bullish divergence, sending Ripple/USDT back into an upswing.

There was support for the bear-trap candlestick formation above $0.78. Ripple finds new support beyond significant resistance levels. Analysts expect a breakout of support at $1.42.

Daily time frame

Ripple/USDT reached a new peak after a set of seemingly contradictory divergence patterns, both bearish and bullish. In order for Ripple to advance towards the $2.00 round-number resistance, bullish momentum will have to move the XRP/USDT exchange rate above significant resistance at 1.42.

From an investment perspective, the XRP appears closer to completing a bullish breakout from a descending channel formation in the intraday chart. Ripple bounced off the key support at about $0.94 last week.

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