In an attempt to expand beyond its core payment settlement service, Ripple has launched a new crypto custody service. Currently, the price of XRP stands at $0.5265. Recently, crypto experts forecasted a 25% growth in the XRP market, citing historical price patterns. What can we expect from the market? Read on!
Ripple Custody to Serve Banks and Fintech Firms
Consolidating all its products connected to the crypto custody service, it has launched a single brand, under the name of ‘Ripple Custody’. The product aims to serve banks and fintech companies in safely storing their digital assets. Pre-configured operational and policy settings, integration with Ripple XRP Ledger, monitoring of anti-money laundering risks and a more user-friendly interface are among the key features of the product.
XRP Ledger Integration and Real-World Tokenization
The feature of integration with XRP Ledger allows users to explore the possibility of tokenising real-world assets. The integration also enables users with access to the decentralised exchange of Ripple, ensuring low-fee, fast trading for users without middlemen.
Ripple’s Growth in the Crypto Custody Space
As per the Boston Consulting Group, the crypto custody market is expected to become a $16 trillion market by 2030. Coinbase, Gemini, and Fireblocks are the top players in the segment of the crypto custody service right now. Ripple Custody is poised to give a tough competition to its competitors. Ripple Custody, with 250% year-over-year growth, currently operates in at least seven countries, and boasts clients like HSBC, BBVA, Societe Generale and DBS. The recent acquisition of Metaco and Standard Custody & Trust by Ripple was seen as a strategy to bolster its capability in competing with the top players in the crypto custody segment.
Ripple Market Scenario: An Overview
The recent decision of the United States Securities and Exchanges Commission to appeal against a federal court judgement that favored Ripple’s stand on the security status of XRP slightly disrupted the future prospects of the XRP market.
On September 30, the price of XRP was around $0.64091. On October 1, it dropped to $0.59684, in line with the general downtrend in the crypto market following the escalation of the Israel-Iran crisis. On October 2, the decline continued, with the price hitting a low of $0.53842. On October 3, it further slipped to a monthly low of $0.52207. Since October 5, the market has been fluctuating within a narrow range between $0.53408 and $0.52407.
In conclusion, current investor sentiment, especially the movements of whales, historical market patterns, and the introduction of Ripple Custody suggests that the expectation of a 25% growth in the XRP market, as forecasted by experts, may not be far-fetched.
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Stay tuned to Coinpedia for more updates on XRP market trends!
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