An object tied to a rope will lift when swung around (like in a merry-go-round), due to the centripetal force.
If a rapidly spinning wheel is hanging from a rope at one side of the axis, it won't fall down, but will precess. Associated with that precession motion is a centripetal force. Is it this force that prevents it from falling? Or is it too weak?
EDIT: I don't think the linked question is a duplicate. I'm asking here a specific question about the centripetal force. The centripetal force is not mentioned at all in the linked question, nor in its answers.