Institutional adoption boosts XRP trading activity

XRP was trading at $0.54 late Tuesday, even as Ripple’s annual flagship event, Swell 2024, got underway in Miami. The coin’s circulating supply has increased by 0.16% during the past week. 56.65 billion XRP tokens, or around 56.65% of the maximum supply of 100.00 billion, are now in circulation.

XRP’s current market valuation ranking is $30.8 billion based on statistics from Binance. Ripple’s custody business has already seen considerable growth with a 250% rise in new clients Year on Year. Top financial institutions and cryptocurrency companies in important areas, such as the US, UK, and Singapore, already have XRP exposure.

Ripple has advanced significantly in the digital asset industry by adding new, bank-grade functionality to its custody services.
These improvements are intended to provide a safe and compliant environment for fintech and crypto-native enterprises. By integrating with the XRP Ledger (XRPL),

Ripple’s custody technology allows tokenized physical assets and supports low-cost trading on XRPL’s decentralized exchange (DEX).
This increasing trend suggests that people are becoming more optimistic about XRP’s prospects, particularly in light of recent court decisions favoring Ripple.

XRP has remained in a steady trading range, ranging between $0.50 and $0.64 highlighting a consolidation phase. In the past, XRP has demonstrated the capacity for dramatic price spikes, such as a 41,000% increase following the 2016 halving of Bitcoin and a 1,000% gain during the ongoing SEC case.

Some analysts believe that XRP will see a large increase. Ripple’s long-term course, however, may still be impacted by its ongoing legal disputes and regulatory scrutiny.
As stated in the announcement, “Ripple’s custody technology offers a single platform for safeguarding and managing digital assets, designed with the security and compliance standards that top global banks and financial institutions have come to rely on,” Aaron Slettehaugh, SVP of Product at Ripple, highlighted the platform’s security and compliance standards.