Ripple President Monica Long Announces $1.25 Billion Acquisition of Hidden Road

Monica Long, President of Ripple Labs Inc, announced significant updates regarding the company's expansion and its acquisition of Hidden Road. The XRP community is reacting positively as the cryptocurrency shows steady price gains with rising institutional interest.

Ripple's Acquisition of Hidden Road

Ripple acquired global prime brokerage firm Hidden Road for $1.25 billion.
The deal strengthens Ripple's financial infrastructure services, including global payments and asset tokenization.
Long emphasized enhanced liquidity management and regulatory compliance with over 60 licenses.
This move supports Ripple's integration of XRP and RLUSD into enterprise solutions.
Ripple has delayed its IPO, maintaining substantial cash reserves, with a focus on growth through acquisitions.

XRP Market Performance

XRP is trading at $2.19, up 1.80% in the past 24 hours.
Price consolidation observed above $2.11, with a recent high of $2.30.
Analysts forecast a potential breakout to $2.74, with resistance at $2.22 hindering immediate upward movement.
CME Group announced upcoming XRP futures launch on May 19, further boosting market optimism.
Coinbase filed to introduce XRP futures trading, signaling increased institutional interest.

Technical indicators show mixed signals: RSI around 55 suggests a potential sentiment shift, while long liquidations exceed shorts, indicating sell-side pressure. XRP remains above the 100-day EMA, keeping the bullish setup intact. Key support is noted at $2.15 and resistance at $2.22.

XRP price chart | Source: TradingView