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Ripple, the firm behind XRP, has unveiled new features for its custody division. The move aims to enhance its technology for fintech and crypto users. Ripple Custody, a relatively new area for the company, has seen rapid growth. The update includes several key additions, for instance, a transaction screening service has been integrated. New hardware security module options are now available as the platform now integrates with XRPL for tokenizing Real World Assets. Pre-configured policy frameworks have been introduced and the user interface has been improved. Ripple sees custody as crucial in the digital asset economy. By 2030, crypto assets in custody could reach $16 trillion. A Boston Consulting Group and ADDX study suggests 10% of global GDP may be tokenized by then. The company reports significant progress in its custody services. New customer acquisition has surged 250% year-over-year. Ripple Custody operates in major financial markets, including Switzerland, Germany, France, the UK, the US, Singapore, and Hong Kong. Aaron Slettehaugh, SVP of Product at Ripple, commented on the launch. "Ripple's custody technology offers a single platform for safeguarding and managing digital assets," he said. "It's designed with the security and compliance standards that top global banks and financial institutions have come to rely on." The service caters to leading financial institutions worldwide, clients include BBVA Switzerland, Societe Generale – FORGE, DBS, and others. Compliance integrations will be released to select customers in December 2024 with a broader rollout planned for early 2025. This development comes as demand for crypto custody services rises. Taiwan's Financial Supervisory Commission recently announced plans for a crypto custody sandbox. Application collection will begin in Q1 2025. Three Taiwanese private banks have expressed interest in the sector. Standard Chartered has also launched digital asset custody services in the UAE, starting with Bitcoin.

Crypto analyst Egrag Crypto has made a bold prediction for XRP. He believes the digital asset could surge 8,400% to reach $44. This forecast, described as "conservative" by Egrag, has sent ripples through the cryptocurrency community. Egrag's prediction is based on technical analysis, he cites the Fibonacci Channel as a key indicator. The $44 target corresponds to the Fib 0.702 channel. Lower targets of $13 and $27 align with the Fib 0.5 and 0.618 channels, respectively. The analyst's confidence stems from historical data - Egrag claims XRP's chart has consistently shown pumps to these Fibonacci levels since its inception. He expects these targets to be hit in the current bull run. Egrag's forecast may be just the tip of the iceberg. By labeling these targets as conservative, he implies even higher potential gains, however, he did not specify further price points. Other analysts share this bullish sentiment. Javon Marks recently predicted XRP could reach $200, which represents a staggering 30,000% increase from current levels. Marks bases his prediction on a different technical indicator, though. He points to XRP breaking out of a six-year Pennant pattern. If this breakout holds and follows a logarithmic pattern, Marks believes $200 is achievable. In the short term, Marks sees $3.3 as a realistic target, and this figure is close to XRP's all-time high of $3.8. He cites multiple hidden bull divergences since 2022 as supporting evidence. Marks views the potential 450% gain to $3.3 as just the beginning. He maintains his long-term $200 target, suggesting significant upside beyond this initial surge. Despite these optimistic forecasts, Egrag Crypto has also outlined a "worst-case scenario". He believes XRP will reach at least $2.3 to $5.89 in this market cycle. Two factors support this more conservative estimate. Firstly, XRP's performance after the SEC lawsuit dismissal in December 2020. The asset achieved a 10x return from its bottom following this event. So, Egrag suggests a similar reaction to the SEC appeal could easily push XRP to the $5-$6 range. Secondly, Egrag considers Bitcoin's influence. He projects that if Bitcoin reaches $80,000 to $100,000, XRP could hit $2.31 to $2.88, as this would mirror the correlation observed in the 2021 bull run. These predictions come amid ongoing legal battles for Ripple, XRP's parent company. The SEC's lawsuit and subsequent appeal have added uncertainty to XRP's regulatory status. Despite this backdrop, analysts remain bullish. They cite technical indicators and historical patterns to support their optimistic outlooks. Regulatory decisions, market sentiment, and broader economic factors can all impact XRP's price. These elements are difficult to account for in technical analysis alone. Furthermore, past performance does not guarantee future results. While historical patterns can provide insights, they are not foolproof predictors of market behavior.

Bitwise Asset Management has submitted an application for a spot XRP exchange-traded fund (ETF) to the US Securities and Exchange Commission. The filing marks the first of its kind for the cryptocurrency. It aims to provide institutional investors exposure to XRP through traditional securities markets. The asset manager filed Form S-1 for its Bitwise XRP ETF. This initial step mirrors recent successful applications for Bitcoin and Ethereum ETFs. Bitwise's proposal would directly hold XRP tokens. The fund's launch remains contingent on two factors. First, the SEC must deem Form S-1 effective. Second, an exchange must file and receive approval for Form 19b-4, and this form requests a rule change allowing the ETF's listing. Bitwise cited investor demand as motivation for the filing. "XRP is an enduring crypto asset that many investors want exposure to," the company stated. Bitwise already manages spot Bitcoin and Ethereum ETFs. The application's timing is significant. It follows a ruling by Judge Analisa Torres that XRP is not inherently a security. However, the SEC's stance remains unclear. Market experts have weighed in on approval chances. Bloomberg analyst Eric Balchunas and ETF Store President Nate Geraci suggest approval is unlikely before US elections. Alex Thorn of Galaxy Digital sees approval odds dropping to zero if the SEC appeals its Ripple case. The SEC has indeed filed a notice of appeal in its Ripple lawsuit. This move challenges either Judge Torres' XRP ruling or the $125 million penalty against Ripple. The appeal introduces fresh uncertainty to the XRP ecosystem. Ripple CEO Brad Garlinghouse had anticipated more ETF filings following Bitwise's application. The SEC's appeal may dampen such enthusiasm in the short term. The ongoing legal battle casts a shadow over XRP's regulatory status, and it also raises questions about the viability of XRP-based financial products in the US market. As the case heads to appeal, the crypto industry watches closely. The outcome could have far-reaching implications for XRP and the broader digital asset landscape.

Ripple's XRP token has seen a surge in open interest. It reached nearly $1bn over the weekend, while the price of the token hovers around $0.61. XRP's performance stands out in the crypto market. It has risen 4.1% over the past week, contrasting sharply with struggling Bitcoin and Ethereum, down 1.5% and 2.3% respectively. In fact, at press time, XRP was the only crypto out of Top 10 to keep going up for the last 7 days. How is XRP managing to go against the tide? Several factors contribute to XRP's counter-trend movement. Grayscale Investments recently launched a closed-end XRP Trust in the US, allowing institutional investors exposure to the cryptocurrency. The Trust has shown strong performance. It surged by more than 11% within a week. This suggests robust institutional demand for XRP. XRP price goes up while other leading cryptos are down The launch has sparked speculation about a potential XRP exchange-traded fund (ETF). If approved, it would be only the third digital asset with its own ETF. Ripple's ecosystem is seeing other developments: the company is preparing to launch a USD-pegged stablecoin, RLUSD, which is currently in private beta testing on both XRP and Ethereum networks. Recent updates show active development of the stablecoin. 480,000 RLUSD was minted at RLUSD Treasury. The stablecoin could be integrated into Ripple's cross-border payment products. Open interest in XRP hit over $1bn over the weekend. It has since fallen to around $945bn. Spot trading volume in the last 24 hours exceeds $2bn. Rising open interest typically indicates increased market activity. It suggests more contracts are being opened. This may signal expectations of a price move in either direction. Analysts are divided on XRP's price prospects. Some are optimistic following Ripple's legal victory over the SEC. One analyst predicts a potential surge to between $16 and $20. Carl Runfelt, another crypto analyst, noted a multi-year bullish triangle pattern. He suggests XRP could rise by more than 200% within weeks if it breaks the pattern. However, XRP faces resistance at the $0.60 level. Failure to break through decisively could lead to a retest of the $0.55 support level.

XRP is gaining traction after a period of stagnation below $0.60. The cryptocurrency has struggled to keep pace with recent broader market gains. But its latest price action has sparked renewed interest among investors. Prominent crypto analyst Carl Runefelt has shared an optimistic outlook for XRP. He believes a significant rally may be imminent. Runefelt's analysis suggests XRP could revisit key resistance levels not seen since earlier this year. The altcoin is currently trading at a critical supply level. A breakthrough is necessary for further price appreciation. Positive sentiment in the crypto market has drawn attention to XRP's price movements. Runefelt's technical analysis focuses on a daily triangle pattern in XRP's chart. This formation often precedes increased volatility and directional movement, so the analyst predicts a potential upside breakout. If the pattern resolves bullishly, Runefelt targets a price of $0.90. This represents a 50% increase from current levels. Such a move would align XRP with the optimistic outlook pervading the crypto community. However, XRP must first overcome existing resistance. The $0.65 level has proven to be a significant hurdle. A convincing break above this point is crucial for confirming a new uptrend. At press time, XRP trades at $0.61. The price has seen a 6% increase in the past 24 hours. It currently holds above the 200-day moving average of $0.54, indicating long-term strength. Despite recent gains, XRP continues to struggle with the $0.65 resistance level. Bulls need to push the price above this mark to maintain momentum, because successful breakout could attract further buying interest. Failure to close above $0.65 may result in continued sideways trading. This could frustrate investors hoping for a clear directional move. In such a scenario, XRP might remain range-bound between $0.54 and $0.65. The coming weeks will be crucial for XRP's price action. Market participants are closely watching for signs of a sustained breakout, success could signal a new phase of growth for the digital asset.