Tech

XRP Is Coming to Solana: What Happens at Major “Flip Area”?

3 hours ago
Bitcoin Ethereum News

Key Notes

  • XRP is officially entering the Solana network through wXRP.
  • The bridge keeps XRP redeemable 1:1 while opening access to Solana’s full DeFi ecosystem.
  • XRP price now sits at a crucial “flip area,” according to analysts.

Solana

SOL
$138.9



24h volatility:
6.3%


Market cap:
$78.10 B



Vol. 24h:
$5.79 B

announced that XRP

XRP
$2.04



24h volatility:
1.6%


Market cap:
$122.90 B



Vol. 24h:
$2.94 B

will enter its chain through a new wrapped asset called wXRP. Hong Kong-based Hex Trust and LayerZero will handle the bridge and the token issue.

wXRP will match native XRP at a 1:1 rate and holders will keep full redemption rights through the XRP Ledger. Solana noted in a series of posts on X that XRP proved its use over many years and has strong liquidity across the industry.


The team confirmed that Solana’s fast network will now support XRP in lending markets, liquidity pools, and decentralized exchanges from day one.

The announcement also appeared on the main stage of the fifth Solana Breakpoint event, where Ripple executive Luke Judges explained the details.

Vibhu Announces New Phase for XRP Holders

Vibhu Norby of the Solana Foundation gave further information and recalled the strong criticism he faced from the XRP community in November. Norby added that after the “resulting public learning process,” he met core developers, long-term members, and Ripple staff.

Through these talks Norby claimed to have reached a new understanding of XRP’s unique features. He then announced that Solana will support a deep pool of liquidity for wXRP from the very first day.

With the wrapped token, users can join every major part of Solana’s DeFi sector. They can lend XRP for yield, join liquidity pools with SOL or stablecoins, buy tokenized assets, and move through the full Solana product suite without using CEXs.

Norby also explained that wXRP stays self-custodied from start to finish, and every unit can move back to native XRP whenever the holder wants.

Ripple’s chief technology officer David Schwartz pointed out that XRP inside more networks improves its use while the XRPL continues to serve as the main base of value. The team confirmed that wXRP will start with more than $100 million in total value locked.

XRP Near “Flip Area”

Analysts on TradingView pointed out that XRP is trading close to a “flip area.” A chart shows XRP holding near the lower border of a triangle. There are two possible outcomes, according to analyst melikatrader94. 

XRPusdt (Ripple): Triangle Breakout/Breakdown Outlook | Source: TradingView

A break above the top line in the chart above could push XRP toward a larger descending trendline zone, a strong resistance area beyond $2.3. If the lower level fails to hold, a retest of the $1.80 support range is also possible.

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Parth Dubey

A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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Source: https://www.coinspeaker.com/xrp-coming-solana-what-happens-flip-area/