Ripple (XRP) News Today: November 4

XRP is down 7% on a daily basis and is currently trading around $2.25.

The latest deal

On October 3, Ripple announced the acquisition of Palisade, a crypto wallet and custody provider. The company said the deal will expand its capabilities “to directly serve the core needs of fintechs, crypto-native companies and enterprises.” Speaking about this issue, Ripple President Monica Long said:

“Secure custody of digital assets unlocks the crypto economy and is the foundation on which every blockchain-powered company stands – which is why it is central to Ripple’s product strategy. Companies are poised to drive the next massive wave of crypto adoption. Just as we have seen major banks move from observation to actively building in crypto, companies are now entering the market and need trusted, licensed partners with turnkey capabilities.

The combination of Ripple’s bankable 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 closing of the $1.25 billion Hidden Road purchase, as well as other major moves such as the GTreasury deal.

RLUSD’s performance

It’s been less than a year since Ripple introduced its USD-pegged stablecoin, RLUSD. Initially, it actively received support from Uphold, Bitstamp, Bitso, Moonpay and CoinMENA. Other well-known exchanges occurred in the following monthslike Bitget, also embraced the stable coin.

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

XRP Price Outlook

Ripple’s cross-border token is down 14% over the past week and is currently trading around $2.25 (according to CoinGecko data). The sell-off initiated over the past five days by the big investors known as whales indicates that a more serious 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 remembered that XRP started its upward momentum on November 5, 2024, noting that this year’s Ripple Swell Day 2 will take place on that date.

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“An identical move would take us to $13 on December 3. Yes, it’s hopium, but why not hope for the simulation,” she added.

Ripple Swell is the company’s annual global conference, bringing together leaders from the worlds of fintech, blockchain and finance. This year’s event will take place in New York City and will begin with opening remarks from President Monica Long.