Will wXRP spark the next bull run for XRP Price? A recent announcement by wrapped.com the cross-chain wrapped assets service provider, stated that we should expect to see Wrapped XRP [wXRP] on the Ethereum blockchain before the end of Q4 ’21. Wrapped XRP [wXRP] would backed 1:1 by XRP where HEX Trust would be providing custodial services for such asset classes.
What Is Wrapped XRP aka wXRP?
Wrapped tokens, which are crypto assets hosted on a separate blockchain other than their original network, will unlock new DeFi previledges for XRP holders. A common example is wrapped Bitcoin [wBTC], which is Bitcoin hosted on the Ethereum blockchain making it possible for BTC holders to trade on decentralized exchanges.
The well known crypto analyst Credible Crypto predicts an explosive breakout of XRP price above significant resistance levels soon. He highlighted that the current XRP price structure is similar to that of OriginTrail-TRAC, a data sharing protocol that rallied more than 200% following its Coinbase listing.
The analyst anticipates the XRP price to potentially surge beyond its ATH and above the $3.4 mark.
Let’s analyze the XRPUSDT price charts and gain insights into how the recent announcement and prediction reflect on the XRP trend.
XRP Price Prediction: Weekly Chart
Oversold levels on the weekly time frame above serve as confirmation into the established trend on the monthly time frame where the RSI flags higher values above level-25.
Hidden bullish divergence confirmed the oversold support on 21 June ’21, sending the XRPUSDT back into an upswing.
The bear-trap candlestick formation found support above the $0.7807 mark, as the XRP flips old resistance to a new support where we anticipate a breakout of the $1.4151 support.
XRP Price Prediction: Daily Chart
Looking at the daily chart above, the XRPUSDT flagged a new peak, following a series of opposing bearish and bullish divergence patterns. Bullish momentum will have to force the XRPUSDT exchange rate above the significant 1.41680 resistance for the XRP to advance towards the $2.00 round-number resistance.
XRP Price Prediction: 4 Hr Chart
The intraday 4HR time frame of the XRPUSDT is in an uptrend, represented by higher RSI values as red labels on the chart above.
Hidden bullish divergence patterns on 31 October 12:00 and 04 November 12:00 reinforce confidence in the bulls to drive the XRPUSDT exchange rates to higher price peaks.
The sentiment on the intraday 4HR time frame remains bullish even if we see lower RSI values below level-25, since the daily time frame now maintains a bullish outlook.
The post XRP Price Analysis: XRP Price to Potentially Surge Above $3.4 Mark, Here’s Why appeared first on Coingape.
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