Wormhole Sees Meaningful Recovery with New Partnership
Wormhole, a prominent cross-chain interaction platform, is experiencing a strong recovery.The token surged 45% from its yearly low following a strategic partnership with Ripple Labs. This collaboration is boosting investor confidence and driving up Wormhole’s value.
On Saturday, Wormhole’s token price reached $0.076, its highest since June 11. The partnership with Ripple Labs will allow for cross-chain interoperability between the XRP Ledger and XRPL EVM Sidechain. This integration will facilitate cross-chain messaging and asset transfers,making the XRP Ledger a significant player in decentralized finance and real-world asset tokenization.
User activity on Wormhole has also increased. This month, it saw 47,600 users, up from 38,000 last month. The total value locked has risen to $2.8 billion, from $2.5 billion in March. Additionally, open interest has peaked at $30 million, indicating strong investor demand.
Though, two risks could slow Wormhole’s momentum. The weighted funding rate has turned negative, suggesting investors expect lower future prices. Also, bridge volume has fallen to $426 million this month, down from $2.48 billion in December.
Chart analysis shows Wormhole’s token price forming a double-bottom pattern, a bullish sign.The token is approaching the 50-day moving average.If it breaks above this level,the next target is $0.1180. However, a drop below $0.0511 would negate the bullish outlook.
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