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XRP surpasses $ 1.25 after news of the transition to the Ethereum blockchain
XRP has risen in price by 15% since Tuesday after news of the transition to the Ethereum blockchain
Nov 4, 2021
1 min read
Anna BakkerNews analyzer

On Thursday, the token tested 2-month highs above $ 1.25.

XRP, the token of the Ripple company, distances itself from the XRP Ledger distributed ledger network.

The transition to Ethereum will increase the liquidity of the project. Holders of the wrapped xrp (WXRP) will have access to the entire Ethereum ecosystem, said Ripple CTO David Schwartz, writes cryptocurrency.tech.

The service provider will be Wrapped, and the tokens themselves will be stored under the management of the Asian company Hex Trust. Each WXRP will be backed by XRP at a 1: 1 ratio.

More details on the Ripple initiative will be available in November. Calvin Shen, head of sales at Hex Trust, said WXRP will enable transactions with "a broader range of decentralized applications."

Some observers say the real reason for this move is far from a desire to develop the Ripple ecosystem. Thus, Ripple may try to distance itself from the pursuit of the SEC, the regulator of the US exchange, as it does not classify Ethereum as a security, which cannot be said for XRP.

The XRP community has been wary of this decision. Some users are wondering how they will use WXRP if the average commission on the Ethereum network reaches $ 200 during peak hours. Others point to the high risks of the counterparty Hex Trust, which will control all the coins.

From other news. The Saudi British Bank (SABB) has announced that it will use Ripple technology to provide instant payments in USD to its corporate clients. This is the third corridor opened with Ripple, writes xrp-buy. In 2019, Ripple helped SABB open corridors for remittances to India and Sri Lanka.

Asia's leading payment platform Tranglo has partnered with Ripple to launch a new cross-border payments corridor to Mongolia. In October, Tranglo partnered with Ripple to launch an On-Demand Liquidity Provider (ODL) in the Philippines.

Novatti will use XRP through its CryptoSpend Visa card in Australia.

Jordan Belfort, a retired stockbroker whose lifestyle inspired Hollywood to create the Wolf of Wall Street, has become a supporter of XRP. In his opinion, XRP can be as high as $ 10.

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