XRP Price Analysis: Ripple Bets Big on Stablecoins and Possession
After a short increase, XRP fell 1.37% in 24 hours. Ripple has went “all in” on stablecoins and custody services to underline its digital footprint.
XRP fell only little after rising 8.2% since last Wednesday, outperforming other cryptocurrencies.
With today's price drop, trader interest in XRP has decreased. Trading volume for the cryptocurrency fell 15.68% to $975 million in 24 hours.
Ripple Goes “All-in” on Stablecoins and Custody
At the 2024 Financial Markets Quality (FMQ) Conference, Ripple's Chief Legal Officer Stuart Alderoty that cross-border payments have always been the company's fundamental offering.
Ripple is now banking significantly on custody and stablecoins, intending to go “all-in on all three pillars.”
Alderoty expects Ripple to lead US business crypto solutions as regulation evolves. “Ripple has always prioritized compliance. We've been around 12 years, he said.
The SEC is behind the times. Other regulators balance innovation and investor protection: “They have surpassed the US and SEC...I doubt we can catch up now.” He summarized:
“The world has moved on; they’ve recognized the value of the technology, jobs, tax dollars, and economic innovation that it can bring.”
What Does XRP Price Analysis Mean for Investors?
Due to its reliance on legislative reforms, Ripple's strategy pivot has received little market attention.
The November US election is anticipated to affect the regulatory environment as such changes are improbable under the Biden Administration.
Ripple's new products might be adopted more easily, allowing it to dominate the stablecoin market.
This is usually a negative pattern, but other signs suggest a positive break.
Meanwhile, the MACD line is comfortably above the Signal line, indicating bulls may drive XRP's next move as it hits the pattern's top barrier.
XRP may break out of its consolidation area and expand under Ripple's new approach.
