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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Above $2? Why DeFi Integration Could Be Game Changer

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ripple XRP XRPUSDT

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With the biggest gains in the crypto top 10 by market cap, XRP trades at $1.88 recording a 35.9% rally over the past day. In the weekly and monthly chart, XRP is up 107% and 307% respectively.

XRP XRPUSDT Ripple
XRP on a bullish trajectory in the 24-hour chart. Source: XRPUSDT Tradingview

Operator Altstreet Bets has shared the chart below to indicate XRP’s price could go to $3 “without resistance”. The trader has set support at $1.10 and $1.72 and believes XRP could target $8.49 in the long term.

Ripple XRP XRPUSDT
Source: Altstreet Bets

Many factors are contributing to XRP’s recent performance. The high interest of investors in South Korea, buying the token for a premium, and new uses case for XRP.

In the legal corner, operator King Solomon has been bullish over the recent developments in the Securities and Exchange Commission versus Ripple Labs, and executives Brad Garlinghouse and Chris Larsen lawsuit.

Filed for the alleged sale of an unregistered security, things seem to be going in favor of the payment company.

Researcher Leonidas Hadjiloizou has shown the position of international institutions on XRP. The Bank of International Settlements, in a report, said XRP is “definitely not a security”. Hadjiloizou said:

Would Jay Clayton push for a lawsuit against Ripple as he was walking out the door if he believed the SEC would take action anyway after he left? I believe he wouldn’t. This is one of the reasons I believe this lawsuit is unwanted by the SEC and will settle it if it can save face

Although the legal dispute could be far from over, the sentiment over the result is bullish on the crypto market. King Solomon said:

Moreover, the case seems to reveal that former SEC leaders put their personal gain above the well-being of the nation. When the agency repeatedly claims in filings and hearings that “the SEC is not on trial here”, it is almost certain that the opposite is true.

XRP uses cases expand to DeFi

Interoperable solution Wanchain has announced XRP will be integrated into its platform alongside Ethereum, Bitcoin, EOS, and others. Leveraging “Wanchain’s Universal Multichain Bridges”, users will be able to trade cross-chain enable XRP Tokens.

As of now, XRP holders can start earning with Wanchain DeFi protocols like WanSwap, the platform’s native decentralized exchange. Wanchain’s team said in an official post:

XRP holders can now securely use their XRP to farm, mine and provide liquidity rather than simply leaving their tokens, inactive, in wallets and exchanges. XRP tokens can now, finally, engage with DeFi applications and reach their full potential.

Wanchain users will have at their disposal a native wallet and a Wanbridge website where they can send and receive XRP cross-chain.

In order to achieve this, the platform “converts” the token on the XRP Ledger and, in the case of Ethereum, mints an ERC-20 token called wanXRP.  All transactions using Wanchain are free.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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