SAN FRANCISCO / LONDON (IT BOLTWISE) – Ripple recently launched Ripple Prime, a new crypto exchange for US customers designed to make it easier for institutional investors to access the crypto market. This development could significantly increase demand for XRP, especially as the market is currently experiencing a broad sell-off.
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Ripple has taken a significant step toward making cryptocurrency trading easier for institutional investors with the launch of Ripple Prime, a new crypto exchange for US customers. This development comes at a time when the market is experiencing a broad sell-off, raising questions about whether this could trigger increased demand for XRP.
Ripple Prime emerged from the acquisition of Hidden Road and combines the licenses of both companies to enable OTC trading for institutional clients in the US. This strategic move could boost confidence in XRP, especially since Ripple USD (RLUSD), the network’s native stablecoin, recently surpassed the $1 billion market cap mark.
The price of XRP has fallen by 5% in the last 24 hours and is currently at $2.27. Trading volume has almost doubled, reaching almost $8 billion, which represents 6% of the token’s circulating supply. The market is now at a critical juncture as XRP approaches $2.20, seen as the last line of defense before a major decline.
Technical analysis shows that the Relative Strength Index (RSI) is moving into oversold territory on the 4-hour chart, increasing the likelihood of a price increase. If this occurs, XRP could soon reach $3, implying a 36% upside potential in the near term. These developments could also impact early crypto pre-sales such as Bitcoin Hyper ($HYPER), which has already raised significant funds at over $25 million.
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