Ripple (XRP) News Today: November 4th
Ripple made one other key acquisition, its stablecoin reached a serious milestone, whereas XRP’s value crashed arduous. In the next strains, we are going to discover these and different subjects associated to the corporate intimately.
The Latest Deal
On October 3, Ripple announced the acquisition of Palisade, a crypto pockets and custody supplier. The firm stated that the deal will broaden its capabilities “to straight serve the core wants of fintechs, crypto-native corporations, and corporates.” Speaking on the matter was Monica Long, President of Ripple:
“Secure digital asset custody unlocks the crypto economic system and is the inspiration that each blockchain-powered enterprise stands on – that’s why it’s central to Ripple’s product technique. Corporates are poised to drive the subsequent large wave of crypto adoption. Just as we’ve seen main banks go from observing to actively constructing in crypto, corporates at the moment are getting into the market, and so they want trusted, licensed companions with out-of-the-box capabilities.
The mixture of Ripple’s bank-grade vault and Palisade’s quick, light-weight pockets makes Ripple Custody the end-to-end supplier for each institutional want, from long-term storage to real-time international funds and treasury administration.”
The acquisition follows the official conclusion of the $1.25 billion Hidden Road buy, in addition to different main strikes, such because the GTreasury deal.
RLUSD’s Achievement
It has been lower than a yr since Ripple launched its USD-pegged stablecoin, RLUSD. At first, the asset acquired assist from Uphold, Bitstamp, Bitso, Moonpay, and CoinMENA. In the next months, different well-known exchanges, comparable to Bitget, additionally embraced the stablecoin.
RLUSD’s market cap has been growing steadily recently, and earlier this week, it surpassed the $1 billion milestone. This makes it the One hundred and fifth-largest cryptocurrency, nevertheless it stays a comparatively insignificant participant within the stablecoin area of interest, the place Tether’s USDT and Circle’s USDC account for almost 85% of all the capitalization.
XRP Price Outlook
Ripple’s cross-border token has tumbled by 14% over the previous week, at present buying and selling at round $2.25 (per CoinGecko’s knowledge). The sell-off initiated by the big buyers, referred to as whales, within the final 5 days indicators {that a} extra extreme collapse might be on the horizon.
At the identical time, some neighborhood members suppose a short-term rally stays a believable choice. X consumer Cryptoinsightuk reminded that XRP began its upward momentum on November 5, 2024, noting that this yr’s Ripple Swell Day 2 can be on that date.
“An equivalent transfer would take us to $13 by December third. Yes, it’s hopium, however why not hope for the simulation,” they added.
Ripple Swell is the corporate’s annual international convention, bringing collectively leaders from the worlds of fintech, blockchain, and finance. This yr’s occasion will take place in New York City and can kick off with opening remarks from President Monica Long.
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