XRP Price Could Surge from New Acquisition, Amid Community Skepticism
15 February 2024 - 12:00AM
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Recently, Ripple announced the acquisition of Standard Custody
& Trust Company, a digital asset custodian. The company aims to
expand into different sectors beyond its core payments network
business. Related Reading: Are We Headed For Another $69K? Bitcoin
Price Surges As Greed Dominates Crypto Market This development may
become the key catalyst in driving the price of XRP to new heights,
addressing historical challenges of price declines and stagnant
growth. Ripple’s Acquisition Sets Stage For Potential XRP
Price Surge On Tuesday, February 13, Ripple disclosed the formal
agreement to acquire Standard Custody to continually expand its
offerings and pursue smart acquisitions to capitalize on present
and future market opportunities. The acquisition of Standard
Custody signals Ripple’s commitment to serving its customers and
fostering growth and security in the Ripple ecosystem. By
implementing a digital asset custodian, Ripple can provide secure
storage and management of digital assets like XRP.
Additionally, a cryptocurrency custodian can potentially boost
confidence in investors and financial institutions. This increased
trust may attract substantial institutional investors into the XRP
ecosystem, potentially driving up demand and triggering a price
increase for XRP. According to CoinMarketCap, XRP is priced
at $0.5, reflecting a 0.95% decrease in the last 24 hours and an
8.87% drop over the past month. Despite bullish market trends, the
cryptocurrency has lingered around the $0.5 price for months,
leading to a shift in investor sentiment and confidence. Some
members of the XRP community have also accused the cryptocurrency
of being purposefully suppressed. In light of this, Ripple’s
strategic acquisition has the potential to act as a catalyst,
boosting the price of XRP. The digital asset custodian could
introduce an element of stability to the XRP ecosystem, addressing
regulatory uncertainties plaguing the ecosystem. Consequently, this
may positively influence the general perception of XRP, attracting
favorable sentiments and institutional investors and potentially
contributing to an upward price movement. XRP Community Divided As
Doubts Emerge Despite Ripple’s latest announcement and the
potential positive impacts the acquisition may have on the
ecosystem, the XRP community has remained in doubt, continually
voicing out concerns over the depressed state of the
cryptocurrency. Responding to Ripple Chief Executive Officer
(CEO) Brad Garlinghouse’s statement about the company’s plans to
acquire Standard Custody, an XRP supporter and investor, identified
as “MackAttackXRP” on X (formerly Twitter), expressed skepticism,
stating that Ripple’s recent developments were insufficient to
generate a positive impact on XRP’s price. Mack revealed that
the price of XRP has been “structurally too low for the past five
years.” He mentioned a notable shift in perspectives among XRP
community members, with some opting to change their XRP for more
promising cryptocurrencies or exit the market altogether.
Related Reading: XRP Price Prediction: A Fresh Rally Is Around The
Corner? Another XRP community member expressed his frustration
about the cryptocurrency’s price, disclosing that many dedicated
supporters of XRP are starting to lose hope for the cryptocurrency
and may consider leaving before witnessing any significant price
increases for XRP. Chart from Tradingview
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