Ripple Files Trademark for “Ripple Custody” Amid Crypto Market Growth
Ripple Labs has filed a trademark application for "Ripple Custody," indicating a potential entry into the cryptocurrency custody market.
The application outlines custodial services for storing and managing digital currencies, positioning Ripple alongside firms like Coinbase and BNY Mellon. This move aligns with growing demand for secure storage solutions post-Bitcoin ETF approvals in 2024.
- Ripple's custody service aims to diversify beyond payment solutions.
- Plans include downloadable software for custody, transmission, and storage of digital currencies.
- Speculation suggests Ripple may develop its own cryptocurrency wallet for XRP and other assets.
A Possible XRP Wallet?
If successful, Ripple could unify its ecosystem, enhancing user experience compared to existing options like Ledger and Exodus.
SEC Case Speculation and Potential Resolution
The ongoing legal battle with the SEC remains crucial for investors. Speculation around a potential resolution has increased, with some suggesting XRP might be classified as a commodity soon.
- Market participants note that the SEC's new leadership is considering the case's implications.
- Negotiations between Ripple and the SEC are ongoing, focusing on favorable terms regarding a previous $125 million fine and an injunction against institutional sales of XRP.
XRP Price Analysis
XRP is currently trading at $2.26, down 2.50% in the last 24 hours. The 20-day Exponential Moving Average (EMA) stands at $2.34, a key resistance level.
- Relative Strength Index (RSI) is at 46.44, indicating neutral to slightly bearish momentum.
- Upper Bollinger Bands at $2.71 serve as another resistance, while strong support is at $1.94.
Traders should monitor for potential retests of lower levels if bearish sentiment continues. A break above $2.34 could signal bullish momentum, targeting $2.71, while failure to hold above $2.26 may lead to further declines toward $1.94.