Ripple (XRP) News Today: October 9

Check out the recent news surrounding Ripple and its ecosystem.

Ripple and its native token are among the most intriguing topics within the crypto industry. In the following lines we will discuss the latest developments and outline some recent price predictions.

The latest partnership

Earlier today (October 9) Ripple announced a strategic partnership with Bahrain Fintech Bay (BFB). The latter is the country’s leading fintech incubator and ecosystem builder, working with government agencies and industry leaders to accelerate the country’s blockchain and crypto adoption.

Under the partnership, both parties will work together to positively contribute to Bahrain’s digital asset ecosystem through various activities, including supporting the development of pilot projects, educational initiatives and local events that can attract more investors and stimulate innovation. Speaking on this issue, Reece Merrick, Managing Director, Middle East and Africa at Ripple:

“The Kingdom of Bahrain has emerged as an early adopter of blockchain technology and was one of the first jurisdictions in the world to regulate crypto assets. At Ripple, we look forward to working with Bahrain Fintech Bay to continue laying the foundation for a thriving local blockchain industry, and ultimately to expand our digital asset and stablecoin custody solution Ripple USD (RLUSD) to the Bahraini government. financial institutions.”

For her part, Suzy Al Zeerah, Chief Operating Officer at Bahrain Fintech Bay, described the kingdom as a financial services hub whose legacy has been further enhanced in the crypto space.

Ripple whales are sold en masse

The price of XRP has fallen 6% over the past month and is currently trading around $2.83. During that time frame, major investors (known as whales) sold 440 million tokens, amounting to more than $1.2 billion.

Such efforts could lead to a further downtrend as they increase the number of coins available on the open market and could create panic about the XRP army.

After the latest wave of selling, whales (wallets containing between one and ten million tokens) now control a total of 6.51 billion XRP, or less than 11% of the asset’s circulating supply.

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Price predictions

Earlier this week, popular analyst Ali Martinez said accepted that XRP may be heading for a retest of the critical support zone at $2.72.

However, other industry participants have made much more optimistic predictions. X-user Mikybull Crypto in mind a potential spike to a new all-time high above $4 in the coming months. For its part, CasiTrades predicted a substantial pump as long as the price surpasses and holds the $3 level.

Meanwhile, XRP’s exchange netflow has been mostly negative in recent weeks, meaning investors continue to shift from centralized platforms to self-management methods. This supports the bullish thesis, as it results in reduced immediate selling pressure.