What happened?
XRP’s price has dropped by 4% today, reaching $2.20 amidst a broader cryptocurrency market decline of 4.5%. Despite this drop, XRP still shows a significant 320% increase over the past year, although it has faced recent struggles with a 10% decrease this week and a 1.5% decrease over the month. Ripple’s Hidden Road brokerage introduced new OTC crypto swaps in the US, which signals potential growth for Ripple and positive long-term predictions for XRP.
Who does this affect?
This development impacts institutional investors in the US who can now access Ripple’s new OTC crypto swaps product through Hidden Road, allowing them to transact with major tokens. It also affects XRP holders and the broader cryptocurrency market watchers, as they are observing how these changes might influence XRP’s future performance. Additionally, investors and stakeholders within the Ripple ecosystem might experience ramifications related to Ripple’s strategic acquisition and expansion moves.
Why does this matter?
The introduction of OTC crypto swaps by Ripple’s Hidden Road could significantly impact the market by enhancing liquidity and accessibility for institutional investors in the US. This move positions Ripple as a key player in providing comprehensive digital asset services, potentially driving up demand for XRP and positively influencing its market value in the long run. As a strategic maneuver post-SEC settlement, it underscores Ripple’s commitment to expanding its influence in the digital asset space, possibly heralding strong future gains for XRP as it aims for a $10 price target.