XRP is on the brink of a big move, but in which direction?
Months after the initial announcement about the purchase of Hidden Road, the financial technology company behind XRP has reaffirmed its presence in the US with the launch of prime spot digital asset brokerage for the local market.
Your statement reveals that US-based institutional clients will now be able to execute OTC spot transactions on dozens of the largest digital assets, including Ripple’s own XRP and the RLUSD stablecoin.
“The launch of OTC spot execution capabilities complements our existing suite of cleared and OTC derivatives services in digital assets and positions us to provide US institutions with a comprehensive offering that suits their trading strategies and needs,” said Michael Higgins, International CEO of Ripple Prime.
Recall that the company announced the acquisition of Hidden Road in April, but the deal was officially closed in October and the platform was renamed Ripple Prime.
Accordingly, the company behind
The initial deal, valued at $1.25 billion, was praised by the XRP Army for the potential of the underlying asset. Back then, CryptoPotato reported the words of WrathofKahneman, a popular XRP advocate, who argued that Ripple’s core mission of retail remittances and enterprise payments has evolved, with real opportunities in institutional treasury flows and liquidity management.
Ripple CEO Brad Garlinghouse confirmed that the new platform will use XRP Ledger for post-trade settlement of specific transactions, which was seen as a significant development. Furthermore, the XRP advocate added that this could be a “game changer” for the underlying asset, its utility, and overall its price movements.
Ripple’s cross-border token has settled at just over $2.40, following a 4% daily drop and 8% correction since last Monday. The asset is primed for a big move soon, with analysts debating between a possible nosedive to $2 or an upcoming breakout.
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