Ripple (XRP) price explodes 40%, here’s where it could go next

  • The XRP / USD price gained over 40% yesterday in one of the best daily performances in its history

  • An almost vertical push upwards means Ripple is now trading over 90% higher in November

  • Ripple buyers will now attempt a break above the next key resistance line at $ 0.50 and aim for $ 0.56

The price of Ripple (XRP) exploded more than 40% yesterday, posting the largest weekly gains in more than 2 years.

Fundamental analysis: new smart contract functionality “Hooks” launched on XRP

The Ripple team tried to find new use cases for XRP and started partnering with Flare Networks to run Ethereum smart contracts on the XRP ledger. As a result, the interface has opened up new possibilities for finding new applications for XRP, prompting Wietse Wind to develop its own new smart contract feature with “Hooks”.

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Hooks is one of the long-awaited additions to the XRP ledger that first offered proprietary smart contract functionality. Lead developer Wietse Wind tweeted that the code is accessible to anyone, allowing all node operators to use Hooks.

In addition to sharing code, Wind has also published a set of commands for Docker, an application that allows you to run software from code packages. The instructions were shared on Github, according to which developers must follow two essential steps.

The first step says that developers must use one node to view the logs and another to enter commands for executing smart contracts. Wind said new updates and adjustments will come and added that this will be a key feature group for smart contracts.

Additionally, Flare Finance’s DeFi protocol is expected to bring 6 different DeFi products to market, all based on XRP serving as a bridging currency. As a result, a multi-token ecosystem will be established that will allow users to use XRP in many different ways.

Technical Analysis: XRP price explodes to a high of 17 months

The XRP / USD price gained over 40% yesterday in one of the best daily performances in its history. Price action further extended the bull run today to print $ 0.4967, the highest in price action trading since June 2019.

XRP / USD Monthly Chart (TradingView)

An almost vertical push upwards means Ripple is now trading over 90% higher in November. Yesterday’s breakout means that the XRP price is now trading above the descending trend line at $ 0.36. A weekly / monthly close above this line will help XRP buyers attempt a break above the next key resistance line at $ 0.50 and aim for $ 0.56.

Summary

The price of XRP exploded 40% yesterday, breaking the 17-month high near $ 0.50. Elsewhere, the long-awaited “Hooks” smart contract feature has been launched and is now available to all developers and operators of XRP nodes.

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