Ripple (XRP) News Today: November 4th

Ripple made another key acquisition, its stablecoin reached a major milestone, while XRP’s price crashed hard. In the following lines, we will explore these and other topics related to the company in detail.

The Latest Deal

On October 3, Ripple announced the acquisition of Palisade, a crypto wallet and custody provider. The company said that the deal will expand its capabilities “to directly serve the core needs of fintechs, crypto-native firms, and corporates.” Speaking on the matter was Monica Long, President of Ripple:

The acquisition follows the official conclusion of the $1.25 billion Hidden Road purchase, as well as other major moves, such as the GTreasury deal.

RLUSD’s Achievement

It has been less than a year since Ripple introduced its USD-pegged stablecoin, RLUSD. At first, the asset received support from Uphold, Bitstamp, Bitso, Moonpay, and CoinMENA. In the following months, other well-known exchanges, such as Bitget, also embraced the stablecoin.

RLUSD’s market cap has been increasing steadily lately, and earlier this week, it surpassed the $1 billion milestone. This makes it the 105th-largest cryptocurrency, but it remains a relatively insignificant player in the stablecoin niche, where Tether’s USDT and Circle’s USDC account for nearly 85% of the entire capitalization.

XRP Price Outlook

Ripple’s cross-border token has tumbled by 14% over the past week, currently trading at around $2.25 (per CoinGecko’s data). The sell-off initiated by the large investors, known as whales, in the last five days signals that a more severe collapse could be on the horizon.

At the same time, some community members think a short-term rally remains a plausible option. X user Cryptoinsightuk reminded that XRP started its upward momentum on November 5, 2024, noting that this year’s Ripple Swell Day 2 will be on that date.

Ripple Swell is the company’s annual global conference, bringing together leaders from the worlds of fintech, blockchain, and finance. This year’s event will take place in New York City and will kick off with opening remarks from President Monica Long.

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