Recent Developments in Ripple (XRP): October 9 Update

Ripple and its associated token are becoming significant discussions in the crypto scene. Below, we summarize recent events and insights regarding future prices.

New Partnership

On October 9, Ripple announced a strategic partnership with Bahrain Fintech Bay (BFB), the prominent fintech incubator in Bahrain. Their collaboration aims to enhance the digital asset ecosystem of the nation through pilot projects, educational initiatives, and events that can attract investment and foster innovation.

Reece Merrick, Managing Director for the Middle East and Africa at Ripple, commented:

“The Kingdom of Bahrain has emerged as an early adopter of blockchain technology and was one of the first jurisdictions globally to regulate crypto assets. At Ripple, we look forward to working with Bahrain Fintech Bay to continue laying the foundations for a thriving local blockchain industry, as well as ultimately offering our digital assets custody solution and stablecoin Ripple USD (RLUSD) to Bahrain’s financial institutions.”

“Bahrain has positioned itself as a financial services hub, bolstered by advancements in the crypto domain,” remarked Suzy Al Zeerah, COO of Bahrain Fintech Bay.

Ripple Whales Divest Significantly

XRP has seen a 6% price decrease over the last month, currently trading at approximately $2.83. During this period, whales have liquidated 440 million tokens, valued at over $1.2 billion. This selling frenzy may instigate further downtrends by flooding the market with tokens and inciting panic among XRP supporters.

The total holdings of whales (wallets containing between one million and ten million tokens) now aggregate to 6.51 billion XRP, representing under 11% of the overall circulating supply.

Price Predictions

This week, the well-known analyst Ali Martinez speculated that XRP could retest the crucial support level around $2.72.

Conversely, some market players hold more optimistic views, with Mikybull Crypto forecasting a potential surge to a new all-time high beyond $4 in the coming months. Similarly, CasiTrades anticipates a notable increase if XRP can maintain above the $3 mark.

Recent net flows for XRP have leaned negative, suggesting an ongoing shift of assets from centralized exchanges to self-custody solutions, which may ease immediate selling pressures.

XRP Exchange Netflow, Source: CoinGlass