The company behind XRP had a massive October, especially the last full week, with massive announcements, partnerships, and expansions.
Meanwhile, the native token joined the broader market sell-off but has rebounded quickly and climbed above a key resistance level that analysts say could propel the next major rally.
Ripple’s Big October
CryptoPotato repeatedly reported the major developments within the Ripple ecosystem in October, which intensified during the Swell conference at the end of the month. Many of those were related to the native stablecoin, including Coinbase expanding access for RLUSD on many of its platforms, such as Coinbase Prime, Coinbase Exchange, and its retail app, with support spanning XRPL, Ethereum, and Base.
Robinhood also joined the RLUSD playground with a new partnership that will allow the stablecoin to play a role across Bitstamp, institutional settlement, and eventually the main application.
BNY Mellon doubled down on its custody support for XRP and RLUSD, while Moody’s assigned the stablecoin an A2 long-term and P-1 short-term investment-grade rating. The latter is the agency’s highest short-term grade under its stablecoin framework.
The other major development came from the OCC, which granted final approval to Ripple to establish Ripple National Trust Bank. The green light means that the company can have a federally supervised entity designed to support RLUSD reserves and institutional digital-asset custody.
ETFs and XRPL
Reports from earlier today indicated that the XRP Ledger finally activated the fixCleanup3_4_0 amendment at 10:52 PM on November 4. According to developers, this fixed a vulnerability that could have allowed accounts authorized only to destroy an issuer’s tokens to create new ones under certain conditions. The update was delayed because validator support briefly fell below the required threshold just days before activation.
The developments on the ETF front were quite controversial in October. On one hand, the XRP ETFs were among the very few crypto-focused products that ended the month in the green. On the other hand, it was their second-to-last month in terms of net inflows.
November started on the wrong foot. On the first trading day, the ETFs lost over $500,000. The following two days saw no reportable action, with SoSoValue data showing $0.00 on both. The cumulative total net flows, though, remain close to ATH levels at $1.810 billion.
XRP Price Update
The cross-border token dumped to $1.20 after last week’s major hack against Binance but quickly rebounded to $1.25. Ali Martinez commented that the asset is coiling for a major move, and predicted a surge to and beyond $1.40 if it managed to reclaim the $1.28 resistance. The bulls celebrated after the Wednesday rally as XRP indeed surged past that level and tapped $1.34 before it was stopped. Nevertheless, it’s above $1.30 as of press time.
Meanwhile, popular analyst ChartNerd warned that XRP might need to revisit a historical demand zone against BTC before it could outperform the market leader significantly. Against USD, though, he was considerably more bullish, and mapped out the path toward $5 or even $8 within the next year.
Network activity has picked up lately, with almost 8,000 new wallets created on November 1 alone. This development preceded the breakout past $1.28. Separately, XRP’s millionaire wallets have reached their highest number of the year, surging to a record 2,147. According to Santiment, this signals strong accumulation despite the asset’s price weakness at $1.25 at the time of the report, as large holders remain optimistic about future growth.
The post Important Ripple News and XRP Price Update: November 5 appeared first on CryptoPotato.
