What to Know:
- Ripple has launched a digital asset spot prime brokerage for US-based institutional clients.
- The new platform, Ripple Prime, allows for OTC spot transactions across dozens of digital assets, including XRP.
- Analysts are debating whether XRP will see a nosedive to $2.00 or an upcoming breakout.
Ripple is expanding its presence in the US, reaffirming its commitment to the digital asset space with its new platform. This move allows US-based institutional clients to execute OTC spot transactions across numerous digital assets, including XRP. The launch of Ripple Prime signifies a strategic advancement for the company and its native token.
The launch of OTC spot execution capabilities complements Ripple’s existing suite of OTC and cleared derivatives services in digital assets. Ripple Prime aims to provide US institutions with a comprehensive offering to suit their trading strategies and needs. This development follows Ripple’s acquisition of Hidden Road, which was finalized in October and rebranded as Ripple Prime.
Ripple’s CEO, Brad Garlinghouse, has confirmed that the new platform will utilize the XRP Ledger for post-trade settlement on specific transactions. This integration is seen as a significant step that could enhance the utility of XRP and positively influence its price movements. The initial deal, valued at $1.25 billion, has been praised for its potential impact on the underlying asset.
Currently, XRP is trading at just over $2.40, experiencing a slight decline recently. Market analysts are closely watching XRP, with opinions divided on whether it will experience a further drop or a significant breakout. Investors and traders are keenly observing market dynamics, regulatory developments, and broader trends in Bitcoin ETFs.
In conclusion, Ripple’s launch of Ripple Prime is a strategic move that could bolster XRP’s utility and market presence. The integration of XRP Ledger for settlements and the focus on institutional clients reflect Ripple’s ongoing commitment to innovation. As the digital asset landscape evolves, Ripple’s initiatives are positioning it as a key player in the future of finance.
Source: Original article
