Payments-focused cryptocurrency XRP (XRP) was little changed over 24 hours, in line with the broader crypto market, even as new products were launched that allow holders to earn additional income without selling their tokens.
On Tuesday, Upshift, Clearstar and Flare launched EarnXRP, a vault designed to make it easier for XRP holders to earn returns on top of their spot market holdings. The new product helps XRP holders bypass the complexities of managing DeFi strategies and pay out returns denominated in XRP.
Upshift is a platform dedicated to providing toolkits for protocols and wallets to develop DeFi yield vaults. Clearstar is an on-chain risk manager designing institutional-grade DeFi vaults, and Flare is a layer 1 blockchain designed for data-intensive use cases. Fintech company Ripple uses XRP to facilitate cross-border transactions.
Users deposit Flare’s FXRP (a 1:1 overcollateralized representation of XRP) into a vault that complies with Ethereum’s ERC-20 token standards on Flare, which can deploy funds in different strategies. In return, users receive EarnXRP, a receipt token that represents their share of the vault and accumulated XRP-denominated earnings.
At this time of year, investor participation is typically lower and liquidity is thinner, leading to erratic price movements.
Santiment said XRP could rebound at the end of the year as social sentiment turns decidedly negative – a contrarian sign that historically precedes recoveries.
Analyst firm Santiment said on
As the poet Charles Bukowski said, the crowd is always wrong.
