Ripple Launches Global Prime Brokerage Service Amid XRP Market Surge
The XRP market is experiencing heightened volatility due to key legal, regulatory, and institutional developments. Ripple CEO Brad Garlinghouse has addressed the community, indicating a potential significant shift for XRP.
Key Developments
- Ripple launched Ripple Prime, a global prime brokerage service aimed at institutional clients, utilizing XRP's digital asset infrastructure.
- Technical analysis by CryptosRus suggests XRP may experience a 30% rally, targeting $3.45 or higher, after rebounding from a support level of $2.33.
- Analyst TylerHillYT noted a 29% increase in XRP's token burn rate, coinciding with a similar price surge, indicating strong on-chain demand and investor activity.
Market Insights
- XRP's expansion into traditional finance through Ripple Prime has increased network usage and renewed its long-term growth narrative.
- Crypto influencer Jack highlighted that XRP surpassed the $2.55 resistance level, setting trader targets at $2.80 and $3.00 as whale activity and Open Interest rise.
