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XRP will "rebrand" and gain access to the Ethereum ecosystem: what does this mean for altcoin and how is the SEC involved

Over the past week, the forgotten XRP token has shown a significant increase, rising in price by 20%. The price of the coin reached a local maximum of $ 1.2. At the same time, the on-chain activity of the coin continues to go through the roof, which indicates continued growth. The divergence between the price and the on-chain indicators of the crypt began to fall after investors were given real reasons to invest in the asset and hope for further growth. A factor in the growth of XRP was the decision of the issuing company Ripple to distance itself from the Ledger distributed ledger network.

Now Wrapped will become the main supplier of the coin, and the coins will be stored under the management of Hex Trust. The new WXRP will be provided with an XRP in a ratio of 1:1, and the activity of the new token will allow abstracting from litigation and conducting transactions using decentralized applications. Thanks to this, the influence of coins on the Defi markets will increase significantly and will attract new investors to the main asset network. In addition, the transition under the wing of the Wrapped company will allow holders of the new coin to gain access to the entire ecosystem of the main altcoin - ETH. In other words, the issuing company of the cryptocurrency is going to transfer all the power of its coin to the ether, which was once perceived as the main competitor of XRP.

Given Ripple's previous attempts to develop the coin ecosystem, a local merger may benefit the cryptocurrency. We should definitely expect an increase in investment flows from the retail and institutional audience, as well as the emergence of decentralized applications based on XRP. However, the partial transition to ETH can be perceived as an attempt at rebranding in the eyes of investors and distancing themselves from litigation with the SEC. Most likely, both theses are true and Ripple will really continue to actively expand the capabilities of the coin ecosystem and simultaneously protect the reputation of the new token.

Opinions may be different, but the market reaction is the same - the price of the coin has increased by 20% over the past 7 days, which indicates the acceptance of the "rebranding" by investors. The asset is trading around $ 1.17 with daily trading volumes of $ 6.5 billion. Over the past day, the cryptocurrency has risen in price by 3.5% and formed a confident green candle on the daily chart. Thanks to the positive news, the coin managed to break through the final point of the resistance area, but, apparently, the breakdown was false. This is evidenced by the decline in the price over the $ 1.2 mark and the weakness of the medium-term impulse upward movement on technical indicators: the MACD formed a bullish intersection at zero, but immediately turned around to move flat, which indicates the weakness of the upward momentum. At the same time, stochastics formed a bearish intersection, which is a pattern for further decline, and the relative strength index has already crossed the 60 mark and continues to decline.

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Most likely, the current movement is a correction after the formation of a powerful bullish candle, and in the near future the price will stabilize and continue the upward movement. This is also indicated by the high level of social activity in the coin network and the average levels of transaction volumes. In the short term, the project managed to move away from the trial, and further price movement depends on success in using the ether ecosystem and developing its own.

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The material has been provided by InstaForex Company - www.instaforex.com