XRP Price Analysis: Ripple’s Big Bet on Stablecoins and Custody – What Does It Mean for Investors?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Over the past 24 hours, XRP’s price has experienced a downturn, falling 1.37% following a brief uptick. This follows Ripple’s move to reaffirm its presence in the crypto space, taking a new direction by going “all in” on stablecoins and custody services.
This decline marks a slight setback from the growth XRP has experienced since last Wednesday, during which it rose by 8.2%, significantly outperforming other notable altcoins.
However, with today’s price dip, trader interest in XRP has also waned. The altcoin’s trading volume has seen a sharp decline, down 15.68% to $975 million over the past 24 hours.
During a recent appearance at the 2024 Financial Markets Quality (FMQ) Conference, Ripple’s Chief Legal Officer Stuart Alderoty noted that cross-border payments have always been the company’s core product.
Now, however, Ripple is also heavily betting on custody and the stablecoin sector, with the intent to go “all-in on all three pillars.”
Alderoty expects Ripple to become the number one source for enterprise crypto solutions in the US, given the regulatory environment matures. “Ripple has always been a compliance-first company. We’ve been around for 12 years,” he added.
The underlying message is that the SEC has fallen behind the curve. Other regulators are focused on balancing innovation with investor protection: “They’ve moved so past the US, so past the SEC…I don’t know if we can ever catch up at this point.” He summarised:
“The rest of the world has moved on; they’ve recognized the value of the technology, the jobs, the tax dollars, the
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