Ripple (XRP) News Today: October 16

Despite the overall market uncertainty in the past week or so, the Brad Garlinghouse-spearheaded company made the headlines with a few big partnerships.

Ripple’s New Endeavors

As CryptoPotato reported earlier this week, Ripple has tapped Immunefi to boost institutional adoption of its XRP Ledger network. The strategic collaboration between the two aims to enhance the security of the XRPL Lending Protocol, which is categorized as a major step in Ripple’s enterprise-focused blockchain strategy. It offers pooled lending and underwritten credit natively on the network, and it’s designed to automate the full loan lifecycle, from issuance to repayments.

The company also expanded its African reach by partnering with South Africa’s Absa Bank, allowing the latter to integrate Ripple’s custody technology for managing tokenized assets, including cryptocurrencies.

The benefits for the two parties are as follows: the bank will utilize Ripple’s institutional-grade technology, while the US-based company will advance its mission to integrate digital assets into mainstream financial operations across the continent. This follows a previous collaboration that enabled Ripple to deploy its native stablecoin in some African regions.

ETF Developments

Following the closure of the legal case against the US SEC, the XRP Army has been solely focused on the ETF front. Current data from Polymarket shows that the chances for approvals of spot XRP ETFs by the end of the year are close to 100%. However, the US regulator is yet to grant a single green light, and this is unlikely to occur anytime soon due to the ongoing shutdown of the Federal government.

In the meantime, Volatility Shares has used the opportunity to file for new types of ETFs. As reported yesterday, the company has submitted numerous applications to launch leveraged ETFs tracking the performance of several assets, including XRP.

Following the calamity that occurred last Friday, largely due to excessive leverage by traders, Scott Melker (better known as The Wolf Of All Streets) described these products as the “worst idea ever.”

XRP Price Update and Alert

Speaking of the market-wide crash that took place less than a week ago, it’s worth noting XRP’s performance during and since then. The asset plunged massively and tapped a multi-year bottom at below $1 (on some exchanges). Although it bounced off alongside the rest of the market immediately, it has failed to stage a notable recovery above $2.50.

It struggles below that level as of press time, while whales’ behaviour could hint at another price drop in the future. These large market participants disposed of more than 2.2 billion tokens in just a few days during and after the meltdown.

Analysts are split when trying to determine XRP’s next move. According to ERGAG CRYPTO, citing the asset’s wedge pattern, a significant move is expected, with an upswing at 57% and a breakdown at 43%.

The post Ripple (XRP) News Today: October 16 appeared first on CryptoPotato.