XRP Price Forecast: Ripple gains 2% with launch of new features for custody solutions
XRP price today: $0.5329
- XRP price climbs on Thursday in response to an official announcement by Ripple, the payment remittance firm.
- Ripple adds new features to its custody solutions for fintech and crypto clients.
- XRP gears up for nearly 8% gains, eyes $0.5778 target.
Ripple (XRP) adds 2% to its value early on Thursday. XRP ended its downward trend on July 13, as seen in the XRP/USDT daily chart. XRP is testing support at $0.5210 this week, technical indicators signal likelihood of gains in the altcoin.
Ripple, a cross-border payment remittance firm, made an official announcement regarding the addition of new features to its custody solutions for institutional and crypto clients.
Ripple announcement pushes XRP price higher
- Ripple revealed new features for custody solutions and unveiled a bank-grade custody solution for fintech and crypto businesses.
- The payment remittance firm offered simplified onboarding, XRP Ledger tokenization, support for Decentralized Exchanges (DEX), pre-configured policy frameworks, compliance monitoring and a new user interface.
We’re launching new features for Ripple Custody, bringing bank-grade custody solutions to fintech and crypto businesses.
— Ripple (@Ripple) October 10, 2024
Simplified onboarding
↔️#XRPL tokenization & DEX support
➡️ Pre-configured policy frameworks
▶️ R/T compliance monitoring
↗️ New UIhttps://t.co/gejagnouTS
- The development is key to users since custody is considered a key entry point into the crypto ecosystem.
- Data from Ripple’s blog shows that the amount of crypto assets custodied is expected to reach at least $16 trillion by 2030.
- Ripple is keen on securing assets for firms, rolling out compliant and flexible options to store their crypto through Ripple Custody.
- Taking steps in the direction of better custody solutions, Ripple bought Switzerland-based crypto custody provider Metaco for $250 million in 2023. The firm agreed to buy Standard Custody & Trust Co. in February 2024.
XRP Price Forecast: Altcoin gears up for 8% gain
XRP ended its downward trend on July 13. Since then the altcoin has rallied toward the $0.6602 level, the 50% Fibonacci retracement of the decline from the July 2024 top to the July 2023 low. XRP trades at $0.5329 as seen in the XRP/USDT daily chart.
The Relative Strength Index (RSI) reads 41.59, under 50, the neutral level. XRP could extend gains by 8.49% and rally toward the upper boundary of the Fair Value Gap (FVG) between $0.5445 to $0.5778.
The asset faces resistance at the 200-day Exponential Moving Average at $0.5540.
XRP/USDT daily chart
A daily candlestick close under the September 6 low of $0.5026 could invalidate the bullish thesis. XRP could sweep liquidity at the August 6 low of $0.4877 in the event of further correction.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
