Wormhole token demonstrates strong recovery signs, rising 45% from its yearly low following a successful partnership with Ripple Labs.
Token Growth Following Ripple Partnership
The Wormhole token price reached $0.076, its highest level since June 11. This increase occurred after the partnership with Ripple Labs, which will enable multi-chain interoperability with XRP Ledger and XRPL EVM Sidechain.
Increase in User Activity and Total Value Locked
The number of active users on Wormhole rose to 47,600 this month, up from 38,000 last month. The total value locked in Wormhole has increased to $2.8 billion, indicating growing interest. Open interest in the futures market reached $30 million.
Risk Analysis and Current Situation
Despite the current growth, two key risks remain. First, the weighted funding rate has turned negative, indicating that investors expect a price decline. Secondly, bridge volume has dropped to $426 million this month, down from $2.48 billion in December.
Wormhole shows strong recovery signs, but maintaining this momentum will depend on overcoming current risks.
