Ripple, the prominent blockchain payment giant, has been rapidly acquiring global companies, resulting in a substantial enhancement of liquidity for its digital asset, XRP. In a significant move during the first quarter, Ripple acquired Pantera Capital’s stake in the centralized exchange Bitstamp, thereby gaining a controlling stake. CEO Brad Garlinghouse has divulged that Ripple possesses over $1 billion in its balance sheet earmarked for global acquisitions, aligned with their ambitious business development plan.
XRP Bulls Well Incentivised
Despite the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the crypto community remains bullish on digital assets. Unlike the U.S., many jurisdictions worldwide do not consider XRP security, as evident from its substantial trading volume.
Notably, XRP was never delisted from non-U.S. cryptocurrency exchanges even after the SEC sued Ripple more than two years ago. Furthermore, an increasing number of institutional investors have embraced Ripple’s payment products, which employ XRP to facilitate cross-border transactions.
Price Analysis & Market Outlook
The XRP price has led other top ten digital assets with a 3 percent spike to trade around $0.462 during the early London market on Friday. In regards to the XRP/BTC pair, the weekly chart depicts a possible head and shoulder (H&S) candlestick pattern with the RSI showing a rising divergence.
According to a popular crypto trader on Twitter Captain Faibik @CryptoFaibik, the XRP price against the Bitcoin pair is on the cusp of a major breakout. The analyst noted that the pair could see a rally of about 39 percent should the breakout solidify above the daily falling logarithmic trend.