XRP price today: $0.5329
On Thursday, XRP prices rose following an official announcement from payments and remittance company Ripple. Ripple adds new features to its custody solution for fintech and crypto customers. XRP is poised for a nearly 8% rally and is eyeing a target of $0.5778.
Ripple (XRP) increases its value by 2% early Thursday. As seen on the XRP/USDT daily chart, XRP ended its downtrend on July 13th. XRP has been testing the $0.5210 support this week, and technical indicators point to potential upside for the altcoin.
Cross-border payments and remittance company Ripple has made an official announcement about adding new features to its custody solution for institutional investors and crypto customers.
XRP price rises with Ripple announcement
Ripple reveals new features in its custody solution and announces bank-grade custody solution for fintech and crypto businesses. The payments remittance company offered simplified onboarding, XRP Ledger tokenization, decentralized exchange (DEX) support, preconfigured policy frameworks, compliance monitoring, and a new user interface.
We are releasing new features for Ripple Custody, bringing bank-grade custody solutions to fintech and crypto businesses.
Simplified onboarding
↔️#XRPL Tokenization and DEX support
➡️ Preconfigured policy framework
▶️ R/T compliance monitoring
↗️New UI https://t.co/gejagnouTS
— Ripple (@Ripple) October 10, 2024
This development is key for users as custody is considered a key entry point into the cryptocurrency ecosystem. The amount of stored crypto assets is expected to reach at least $16 trillion by 2030, according to data from Ripple’s blog. Ripple is passionate about protecting enterprise assets and is rolling out compliant and flexible options for storing cryptocurrencies through Ripple Custody. Taking steps in the direction of better custody solutions, Ripple acquired Metaco, a Swiss-based cryptocurrency custody provider, for $250 million in 2023. The company agreed to acquire Standard Custody and Trust in February 2024.
XRP Price Prediction: Altcoin Prepares for 8% Rise
XRP ended its downward trend on July 13th. Since then, the altcoin has rallied towards the $0.6602 level, which is the 50% Fibonacci retracement of the decline from the July 2024 high to the July 2023 low. As seen on the XRP/USDT daily chart, XRP is trading at $0.5329.
The Relative Strength Index (RSI) is 41.59, with less than 50 being a neutral level. XRP could expand gains by 8.49% and move towards the upper end of the fair value gap (FVG) between $0.5445 and $0.5778.
The asset is facing resistance at the 200-day exponential moving average of $0.5540.
XRP/USDT daily chart
The bullish theory could be invalidated if the daily candlestick falls below the September 6 low of $0.5026. Any further correction in XRP could wipe out liquidity at the August 6th low of $0.4877.
