At the time of writing, XRP is trading at $0.5367, up 2.72% in the last 24 hours.
If the price manages to go above $0.54 level, then it will likely test $0.56 resistance level.
The current situation of Ripple’s XRP holdings was detailed in the company’s recently published voluntary Q4 2023 report. A significant reduction in Ripple’s XRP holdings, as shown in the report, suggests a change in strategy.
From the third quarter of 2023 to the fourth quarter of the same year, Ripple’s spendable XRP balance dropped 180,503,629 tokens, reaching 5,077,658,695. Its escrow balance dropped 600 million tokens to 40,000,000.00 at the same time. Also, at the end of December 31, 2023, this entire decline came to 780 million tokens, which represents a total holding of 45.77 billion XRP.
Major Development
The digital asset custodian Standard Custody & Trust Company was acquired by Ripple Labs recently. Beyond its primary business of payments networks, the corporation plans to grow into other sectors. In light of XRP’s long history of price drops and lackluster growth, this new acquisition has the potential to be the decisive factor propelling the price to unprecedented heights.
Adding Standard Custody allows Ripple to improve existing product offerings for clients and explore new products and use cases while retaining complete compliance, according to Ripple CEO Brad Garlinghouse on twitter.
At the time of writing, XRP is trading at $0.54, up 2.72% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 6.75%.
If the price manages to go above $0.54 level, then it will likely surge further to test $0.56 resistance level. However, if the price manages to go below $0.52 level, then it will likely test $0.50 support level.