Truncation vs. Wrapping text when designing for responsive page for multiple devices – which is better?

For a ready only form that is also designed to be responsive, some fields are long and some short. Currently, the default behavior is truncating long fields based on the space constraint. And on hover, tooltip kicks in to read the truncated text.

How does this work with tablets or mobile devices where there is no hover over tooltips or alt tags for these responsive pages?

I would think of using wrapping instead of truncation, but this results in pushing down the content and making a long form even longer.

So, are there best practices or rules on how to deal with long text that does not fit a space?