Ripple Labs has recently experienced a series of positive fundamental developments that have fueled optimism in the XRP market.
Let’s take a closer look at these updates and their implications for the XRP ecosystem.
Ripple joins the e-HKD pilot program
Ripple Labs’ partnership with the e-HKD pilot program marks an important milestone for both the company and the XRP market. By becoming a research partner, Ripple aims to leverage its expertise in digital payments and blockchain technology to explore the possibilities of using the digital yuan in cross-border transactions. This partnership not only demonstrates Ripple’s commitment to innovation, but also highlights the growing recognition of XRP’s potential as a bridge currency.
Metaco Acquisition Strengthens Crypto Custody Offerings
In a strategic move to enhance its institutional offering, Ripple Labs acquired Metaco, a renowned institutional crypto custody startup based in Switzerland. This acquisition, worth hundreds of millions of dollars, positions Ripple as a major player in the crypto custody space. Metaco’s advanced technology and security infrastructure will enhance Ripple’s ability to serve institutional investors looking for secure storage solutions for digital assets.
Learn More: Ripple Dives Into First Major Acquisition, Acquires Crypto Custody Giant Metaco For $250 Million – Coinpedia Fintech News
Hinman’s document revealed
In a major legal development, District Judge Analisa Torres has granted Ripple Labs’ motion to make Hinman documents public. This document contains a pivotal 2018 speech by a former SEC executive, in which he argues that Ethereum, the second largest digital asset and largest smart contract ecosystem, is not a security. The disclosure of this document has sparked renewed optimism in the XRP community as it supports the argument that XRP should also be classified as non-security. This development could have far-reaching implications for the regulatory landscape surrounding XRP and other digital assets.
XRP Bulls poised for a rally
Renowned crypto analyst @CryptoFabik recently shared insights on the XRP price action. According to the analyst, XRP’s bullish momentum is expected to continue, with an expected medium-term price target of $1.40. This prediction suggests that the logarithmic downtrend that has persisted in XRP’s higher time frames since the end of the 2021 crypto bull market may be broken in the near term. Traders and investors are keeping a close eye on the symmetrical triangular candlestick pattern that is forming in the higher time frames, indicating a possible trend reversal.
Related: Analyst Predicts XRP Price Rebound: Potential 640% Rise To $3 – Coinpedia Fintech News
XRP Market Outlook
Amid these positive developments, the market value of XRP has skyrocketed. Trading at around USD 0.4659, XRP experienced a remarkable 4% increase during the early Asian market on Friday. This price increase can be attributed to the growing institutional adoption of Ripple products, such as On-Demand Liquidity (ODL) and RippleNet. With global institutional investors embracing Ripple’s solutions, XRP’s Fully Diluted Valuation (FDV) has scaled to an impressive $46.61 billion, cementing its position as a leading digital asset.