Ripple Prime has officially launched, following Ripple’s acquisition of Hidden Road, marking a significant milestone in the cryptocurrency market. The new prime brokerage entrance seeks to bring institutional investors into digital assets via Ripple’s enabling infrastructure. XRP’s price has since recovered to $2.51, proving regained investor confidence.
Ripple Prime Gains Momentum
Ripple renamed Hidden Road as Ripple Prime, and it is now the first crypto firm to host a global multi-asset prime broker. The strategic step enables the company to provide more advanced institutional-grade services, enabling institutional investors to seamlessly integrate cryptocurrencies. Ripple’s RLUSD stablecoin will be used as collateral for its prime brokerage products, further establishing its roots in the markets.
XRP Price Recovery Amid Strong Fundamentals
XRP is bouncing back in a big way, up 4.85% recently to $2.51. The rally is underpinned by solid fundamentals, such as record futures volume and the announcement of a public listing by Evernorth backed by Ripple.
A buy signal was offered by trader Ali Martinez on the XRP 4-hour TD Sequential chart, which indicates a bounce.
New statistics reveal that XRP Futures have been picking up a lot of speed, with $26.9 billion notional volume traded to date since May when they started. Over 567,000 contracts have been traded, amounting to 9 billion XRP.
Market Dynamics Favoring XRP
The upbeat momentum in XRP tracks wider market sentiment, such as softer inflation data. XRP recently broke through a “death cross” on its Bitcoin pair, turning a bearish sign to rise 4% against Bitcoin. The strength is proof of the increasing confidence in XRP by the market as a result of favorable macroeconomic fundamentals.
Additionally, Bybit’s recent addition of XRP derivatives indicates growing appetite in the asset as savvy trading strategies are pursued by traders. According to reports, access to sophisticated derivatives tools could improve trading performance and market liquidity for XRP.
Ripple Prime launch and the following price rally of XRP to $2.48 are indications of the asset’s increasing institutional demand. With proper fundamentals alongside favorable market conditions, XRP is bound to witness more rises.
