By
Chimamanda U. Martha
April 18th, 2024
According to Veteran Analyst Peter Brandt, XRP has formed an interesting head and shoulder pattern which signals a bullish run.
XRP has currently risen above the negative impact of Ripple‘s lawsuit with the SEC and has shown a lot of resilience to record a trading price of around $1.4. Today, another partnership deal on top of the previously finalized ones is in the pipeline, and may even have a good effect on its price movement. The new Ripple partnership is with Wanchain, a blockchain-based interoperability solution.
The CEO of Wanchain, Jack Lu in a statement mentioned that the deal will surely expand the use cases of the digital asset. The Ripple partnership with Wanchain will present enough options to XRP holders to choose to use their XRP holdings for yield farming activities or liquidity mining. Interestingly, the deal involves the XRP users and can end up skyrocketing demand for the asset and cause the price to climb higher on the price curve.
Lu, in a statement, called on the full participation of XRP holders to drive the DeFi into a new height.
“I’m happy that we are just days away from XRP officially joining Wanchain’s family of decentralized, interoperable blockchain networks. Welcome to every XRP holder. Come, and join us! Let’s build this new DeFi world together, ” he said.
In addition to the benefits of the partnership to XRP holders, it was stated that XRP users will have complete access to experience a taste of the decentralized finance application through Wanchain and other blockchains. Wanchain will have a native token called WAN, and as part of its intention to offset the known challenges in the DeFi sector, it will ensure that blockchains, private and public, are connected.
Their Ethereum Testnet is much compatible with XRP, which means, the XRP ledger proof of stake network and the Rinkeby Ethereum proof of stake network will have a cross-bridge for XRP to move freely.
The Wanchain storeman Group (WSG) made up of 21 decentralized nodes ensured the smooth integration between the blockchains. Once everything is finalized, users who intend to transfer assets in XRP to ETH will have their funds sent to the XRP ledger address by the WSG to lock them in. In case the user wants to reverse the transaction, the WanXRP will be burnt by the WSG.
Lu believes that the XRP community which is one of the most passionate in the crypto space would join the development.
As claimed by Coingecko, XRP has a 24-hour volume of $27,079, and a few experts are optimistic that the partnership announcement with Wanchain will be a catalyst to send the price above its all-time high.
According to Veteran Analyst Peter Brandt, XRP has formed an interesting head and shoulder pattern which signals a bullish run, and in this case, it may overtake the $3.5 all-time high price recorded in late 2017 and early 2018 market bull run.