XRP is on the verge of a big move, but in which direction?
Months after the initial announcement about the purchase of Hidden Road, the financial technology company behind XRP has reaffirmed its presence in the US with the launch of digital asset spot prime brokerage for the local market.
Its statement reveals that US-based institutional clients will now be able to execute OTC spot transactions across dozens of the largest digital assets, including Ripple’s own XRP and the RLUSD stablecoin.
“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide U.S. institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, International CEO, Ripple Prime.
Recall that the company announced the acquisition of Hidden Road back in April, but the deal was officially finalized in October, and the platform was renamed to Ripple Prime.
Consequently, the firm behind XRP combined its licenses with Hidden Road’s solution under the new platform, and now provides “new capabilities where institutions can seamlessly access foreign exchange (FX), digital assets, derivatives, swaps, and fixed income.”
The initial deal, valued at $1.25 billion, was praised by the XRP Army for the potential of the underlying asset. Back then, CryptoPotato reported the words of WrathofKahneman, a popular XRP advocate, who argued that Ripple’s primary mission of retail remittances and enterprise payments has evolved, with real opportunities in institutional treasury flows and liquidity management.
Ripple’s CEO, Brad Garlinghouse, confirmed that the new platform will utilize the XRP Ledger for post-trade settlement on specific transactions, which was considered a significant development. Moreover, the XRP proponent added that this could be a “game-changer” for the underlying asset, its utility, and overall its price movements.
Ripple’s cross-border token has settled at just over $2.40, following a 4% daily decline and an 8% correction since last Monday. The asset is poised for a big move soon, with analysts debating between a potential nosedive to $2.00 or an upcoming breakout.
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