XRP has significantly increased its price in recent days thanks to Hooks, the latest update of its Blockchain.
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Ripple’s crypt coin, XRP, has been the sensation of the crypt world in recent days. Surprisingly, the virtual currency has increased its price by 68.76% in only 7 days. Making the third crypt coin in the world one of the best performing virtual currencies of the moment. Behind this increase in its price is „Hooks“, the update that drove the XRP rally and that Wietse Wind talks about in the Tweet of the day:
Analysis: Bitcoin rally overheats, Ethereum passes $500, Ripple flies!
What is Hooks?
Since its birth, XRP has always been one of the most important cryptosystems on the market. It ranks third in the cryptoactive ranking by market capitalization, behind only Bitcoin and Ethereum. Despite this, the currency created by Ripple was not seen by investors as an asset that could generate large increases in its price from one moment to the next.
This changed thanks to Hooks. This is the name of an application developed by XRP Labs, which began its alpha testing in October, but has now been fully released by XRP’s Head of Development, Wietse Wind. Who published on his Twitter account the Hooks code along with the necessary instructions for its use.
Hooks is the update that drove the price of XRP. Source: CoinMarketCap.
Hooks is the update that drove the price of XRP. Source: CoinMarketCap: CoinMarketCap.
Hooks is basically an upgrade that will allow the Blockchain of XRP to execute smart contracts. In the same way that they are created and executed in the Ethereum blockchain. Opening the doors for Ripple’s crypto-currency to compete with other virtual currencies in this sector.
„It’s time to create your own XRP node with the Hooks update enabled. After months of discussing, tweaking, designing, discussing some more, building and testing it’s super exciting to publish this“.
Thus, Hooks became one of the biggest boosters for the price of XRP. Given the positive expectations it generated among crypto users, the possibility of Ripple starting to compete with giants in the smart contract sector such as Ethereum or Tron.