XRP / USD price gained over 40% yesterday in one of the best daily performances in history
Nearly vertical surge to the upside means Ripple is now trading over 90% higher in November
Ripple buyers will now attempt to break above the next key resistance line at $ 0.50 and aim for $ 0.56
The price of Ripple (XRP) exploded over 40% yesterday to record the biggest weekly gains in over 2 years.
Fundamental Analysis: New “Hooks” Smart Contract Feature Launched on XRP
The Ripple team tried to find new use cases for XRP and started working with Flare Networks to run Ethereum smart contracts on the XRP ledger. As a result, the interface opened up new possibilities for finding new applications for XRP, prompting Wietse Wind to come up with its own new function for smart contracts with “Hooks”.
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Hooks is one of the long-awaited integrations for XRP ledger, which for the first time offers proprietary smart contract functionality. Lead developer Wietse Wind wrote in a tweet that the code is accessible to anyone, allowing all node operators to use Hooks.
In addition to sharing code, Wind has also released a number of commands for Docker, an application that lets you run software from packages of code. Instructions have been shared on Github, according to which developers should take two essential steps.
The first step indicates that developers should use one node to view logs and another to enter commands to execute smart contracts. Wind said more updates and tweaks will be coming, and added that this will be a key group of smart contract features.
In addition, Flare Finance’s DeFi protocol is expected to introduce 6 different DeFi products to the market, all based on XRP which acts as a bridge currency. As a result, a multi-token ecosystem will be set up that will allow users to use XRP in different ways.
Technical Analysis: XRP Price Explodes To 17-Month High
XRP / USD price gained over 40% yesterday in one of the best daily performances in history. Price action extended the bull run even higher today to print $ 0.4967, the highest price traded since June 2019.
An almost vertical surge to the upside means Ripple is now trading over 90% higher in November. Yesterday’s breakout means the price of XRP is now trading above the descending trendline at $ 0.36. A weekly / monthly close above this line will help XRP buyers to attempt a break above the next key resistance line at $ 0.50 and aim for $ 0.56.
The price of XRP exploded 40% yesterday to break the 17-month high near $ 0.50. Elsewhere, the long-awaited “Hooks” smart contract feature has been released and is now available to all XRP node developers and operators.