XRP
Cryptonews - Ripple (XRP) is at the forefront of institutional adoption of cryptocurrencies, with moves by financial giants and crypto whales indicating growing confidence in the future of the currency. Recent developments, such as strategic partnerships and increased activity on its network, also point to increased adoption of XRP in financial settlement solutions.
Global banks lean towards Ripple to include
Renowned crypto analyst Andrew De’Vilbiss recently hinted at upcoming revolutionary moves involving Ripple, Bitstamp, and a number of leading global banks. De’Vilbiss explained that a group of the world’s top 30 commercial banks intend to activate cryptocurrency trading and settlement services in cooperation with Bitstamp, taking advantage of Ripple’s financial settlement technology.
#Ripple $XRPSome top 30 global commercial banks are about to turn on their crypto service with Bitstamp in partnership with Ripple.
I believe this to be the FX market coverage for on/off ramps and settlement provided by Ripple similar to their work with Etoro.
This is much… pic.twitter.com/wZeHTQnNgo— Andrew De'Vilbiss (@DrewDeVilbiss) December 21, 2024
“This is a significant step forward for institutional adoption of digital asset trading and swapping,” De Phillips said in a post on the X platform. “Ripple’s stake in Bitstamp and XRP’s role as a settlement layer are key to widespread adoption.” Ripple’s approach to integrating XRP into forex liquidity management also offers significant advantages. With faster settlement times and lower costs, XRP is a viable alternative to traditional financial systems and has the potential to change the way institutions operate.
Whale Activity Highlights XRP’s Growing Functional Use
In addition to institutional developments, the Whale Alert tracking system has detected a massive transfer of 40 million XRP worth $89.68 million from the project’s wallet to an anonymous wallet address: “40,000,000 XRP ($89,678,944) was transferred from Ripple’s wallet to an anonymous wallet at 10:16 PM on December 21, 2024; transaction details can be found here.” These transactions typically indicate preparatory actions to meet institutional liquidity needs or to implement large financial settlements in the future, and these moves also demonstrate Ripple’s approach to supporting liquidity to enhance global adoption, which solidifies XRP’s role as an intermediary asset in international financial systems.
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Why does institutional adoption drive XRP's value?
The increasing institutional expansion of the Ripple project could reshape the market value of its XRP currency, as the main advantages of this expansion include the following:
Increased Liquidity: Ripple’s partnerships with financial institutions provide massive liquidity pools necessary to complete large transactions.
Reduced costs: XRP’s extremely low fees and fast settlements attract institutions looking to reduce expenses.
Market Expansion: Partnerships with Bitstamp and banks provide an opportunity to introduce XRP to a wider range of traders and institutional investors.
De Phillips noted the significance of these developments, saying: “This is much bigger than we expected.”
Technical analysis of the pair on December 22
XRP price is trading at $2.26, down 0.53% in the last 24 hours, with a trading volume of $12.59B. The price is facing resistance at a falling trend line near the $2.30 pivot point, which continues to hold the bullish momentum and suggests a sell bias unless breached. The 50-day exponential moving average, which hovers around this trend line, adds additional resistance, and key levels to watch include:
Resistance: $2.30 then $2.43 followed by $2.58.
Support: $2.11 then $1.96 followed by $1.85.
The RSI reading of 46 is showing a neutral momentum that is tilted to the downside. A sharp drop below $2.26 could open the door for further declines in XRP price, while a rise above $2.30 could signal a trend reversal. Conclusion: While the increasing institutional adoption of XRP highlights its growing role in the global financial system,
The post Global banks’ adoption of Ripple (XRP) may contribute to its price increase appeared first on Cryptonews Arabic.
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