Binance announced the debut of Wrapped XRP (wXRP) on Monday, marking one of the company’s boldest moves yet toward enhancing cross-chain functionality and interoperability. Binance has finished the wXRP integration and opened wXRP deposits on Ethereum (ERC20). Please see the Deposit Crypto page for your allotted XRP deposit addresses on the Ethereum Network (ERC20). The announcement reads as follows: “While wXRP will be available for deposits, withdrawals on the Ethereum Network (ERC20) will be delayed until a later date to be disclosed, according to the exchange. wXRP deposits would be credited and sold in the same way as XRP.”

Furthermore, the bullish bias in the US dollar aided the decline in XRP prices, undermining the XRP/USD currency. On the day, the broad-based US dollar remained well bid, as investors braced for a widely anticipated interest rate hike in March. As a result, one of the primary variables that held the XRP/USD coin lower was the strength of the US dollar. The Federal Reserve will meet next week, and it is expected to provide additional clarity and details on the end of quantitative easing, which is set to take place in March. In addition, the Federal Reserve of the United States may signal that interest rates will be raised in March, shortly after QE is completed. Meanwhile, the gains in the dollar were bolstered by data indicating that home-building in the United States increased surprisingly in December, according to figures. Last month, the seasonally adjusted annual home-building starts increased by 1.4 percent, to 1.702 million units.

Ripple faces strong resistance at the 0.7500 level, which is being extended by a double top pattern. The closing of candles below this level supports Ripple’s chances of a selling trend. The XRP/USD has formed a Doji candle under the 0.7500 level, signaling an indecision bias among investors. When such a candle is formed after a bullish correction, it can drive a downtrend in the XRP/USD price.

On the lower side, the XRP/USD may find immediate support at 0.7310, and a break below this could expose Ripple to the 0.7230 level. On the higher side, a breakout at the 0.7500 level could drive an uptrend until 0.7700 or 0.7915. Good luck!