Last week was not a great one for the cryptocurrency XRP and the company behind it, Ripple Labs. The coin lost almost 9% of its value in the last seven days, mainly due to the overall bearish sentiment in the crypto market. However, Ripple Labs made significant investments to strengthen its position in the crypto market in the long run.
Brad Garlinghouse, the CEO of Ripple Labs, announced the integration of two new companies, Standard Custody and Metaco, as part of the company’s expansion strategy in the digital asset space. Additionally, Jack McDonald joined as the new Senior Vice President of Stablecoins.
EGRAG CRYPTO predicts a possible increase in the XRP price to up to $7.50 based on its analysis of Fibonacci retracement zones. If this forecast comes true, it could be a significant development for investors.
Ripple whales have been increasing their holdings during a recent dip in prices, with addresses holding large amounts of XRP buying more tokens despite the price decline of about 6% since June 1st. However, Ripple’s on-chain activities have decreased significantly, with active addresses dropping by almost 40%.
According to a technical analysis on the German site FXStreet, further price declines of up to 7% are possible. The Relative Strength Index (RSI) also indicates a near oversold level at the current price of $0.4876 per XRP.
Despite expressing criticism towards meme-coins like Dogecoin, Brad Garlinghouse remains optimistic about the potential for an XRP ETF. The recent transfer of around 200 million tokens by Ripple sparked speculation within the community and led to a short-term price drop of about four percent.
Ripple continues to actively work on building partnerships and is preparing for its own stablecoin. An ETF for XRP investors could provide institutional investors with indirect access to XRP without having to hold or trade it directly, potentially boosting regulatory confidence. While no specific timeline has been provided for when such a product could be approved, the positive impact on accessibility and demand could ultimately drive the price of XRP higher if approved.