Ripple (XRP) Update: Key Developments and Price Movements - November 4th
Ripple's XRP experiences a significant price drop amid key acquisitions and the rise of its stablecoin, RLUSD.
XRP has dropped by 7% over the past day, currently trading at approximately $2.25.
Recent Developments
On October 3, Ripple announced its acquisition of Palisade, a provider of crypto wallet and custody solutions. This move is aimed at enhancing Ripple’s capacity to support fintech, crypto-native companies, and corporate needs. Monica Long, President of Ripple, stated:
“Secure digital asset custody unlocks the crypto economy and is the foundation that every blockchain-powered business stands on – that’s why it’s central to Ripple’s product strategy. Corporates are poised to drive the next massive wave of crypto adoption. Just as we’ve seen major banks go from observing to actively building in crypto, corporates are now entering the market, and they need trusted, licensed partners with out-of-the-box capabilities.”
Translation: Secure digital asset custody is crucial for blockchain-driven businesses and will propel the next significant wave of crypto adoption.
RLUSD Milestone
Ripple’s stablecoin, RLUSD, has seen remarkable growth since its inception, with support from major platforms such as Uphold and Bitstamp. Last week, RLUSD’s market cap exceeded the $1 billion mark, solidifying its position as the 105th largest cryptocurrency, although it still has a minor role compared to Tether’s USDT and Circle’s USDC, which account for nearly 85% of the market.
XRP Price Forecast
XRP’s value has decreased by 14% in the past week. As of now, it trades at about $2.25. Recent sales initiated by large investors indicate the possibility of further declines.
Some community participants, like user Cryptoinsightuk, believe a short-term upward trend could emerge, especially as Ripple Swell Day, the company’s annual conference, is set to take place on November 5, 2024.
“An identical move would take us to $13 by December 3rd. Yes, it’s hopium, but why not hope for the simulation,” they added.
Translation: Speculation suggests that XRP could rise to $13 by early December.
This year’s Ripple Swell will be held in New York City and will feature remarks from President Monica Long.
