Ripple (XRP) News Today: November 4th

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XRP has plummeted by 7% on a daily scale, currently trading at around $2.25.

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Ripple made another key acquisition, its stablecoin reached a major milestone, while XRP’s price crashed hard. In the following lines, we will explore these and other topics related to the company in detail.

The Latest Deal

On October 3, Ripple announced the acquisition of Palisade, a crypto wallet and custody provider. The company said that the deal will expand its capabilities “to directly serve the core needs of fintechs, crypto-native firms, and corporates.” Speaking on the matter was Monica Long, President of Ripple:

“Secure digital asset custody unlocks the crypto economy and is the foundation that every blockchain-powered business stands on – that’s why it’s central to Ripple’s product strategy. Corporates are poised to drive the next massive wave of crypto adoption. Just as we’ve seen major banks go from observing to actively building in crypto, corporates are now entering the market, and they need trusted, licensed partners with out-of-the-box capabilities.
The combination of Ripple’s bank-grade vault and Palisade’s fast, lightweight wallet makes Ripple Custody the end-to-end provider for every institutional need, from long-term storage to real-time global payments and treasury management.”

The acquisition follows the official conclusion of the $1.25 billion Hidden Road purchase, as well as other major moves, such as the GTreasury deal.

RLUSD’s Achievement

It has been less than a year since Ripple introduced its USD-pegged stablecoin, RLUSD. At first, the asset received support from Uphold, Bitstamp, Bitso, Moonpay, and CoinMENA. In the following months, other well-known exchanges, such as Bitget, also embraced the stablecoin.

RLUSD’s market cap has been increasing steadily lately, and earlier this week, it surpassed the $1 billion milestone. This makes it the 105th-largest cryptocurrency, but it remains a relatively insignificant player in the stablecoin niche, where Tether’s USDT and Circle’s USDC account for nearly 85% of the entire capitalization.

XRP Price Outlook

Ripple’s cross-border token has tumbled by 14% over the past week, currently trading at around $2.25 (per CoinGecko’s data). The sell-off initiated by the large investors, known as whales, in the last five days signals that a more severe collapse could be on the horizon.

At the same time, some community members think a short-term rally remains a plausible option. X user Cryptoinsightuk reminded that XRP started its upward momentum on November 5, 2024, noting that this year’s Ripple Swell Day 2 will be on that date.