Ripple gains 2% Thursday after announcement of new feature launch

XRP price today: $0.5329

• The price of XRP rises on Thursday in response to an official announcement by the payment remittance firm Ripple.
• Ripple adds new features to its custody solutions for fintech and crypto customers.
• XRP is poised for gains of almost 8%, target at $0.5778.

Ripple (XRP) adds 2% to its value early Thursday. XRP ended its downtrend on July 13, as seen on the XRP/USDT daily chart. XRP is testing support at $0.5210 this week, technical indicators are signaling the likelihood of gains in the altcoin.

Ripple, a cross-border payment remittance firm, has officially announced the addition of new features to its custody solutions for institutional and crypto clients.

Ripple announcement boosts XRP price

• Ripple unveiled new features for custody solutions and unveiled a bank-level custody solution for fintech and crypto businesses.
• The remittance firm offered simplified onboarding, XRP Ledger tokenization, decentralized exchange (DEX) support, preconfigured policy frameworks, compliance monitoring, and a new user interface.

• Development is key to users as custody is considered a key entry point into the crypto ecosystem.
• Data on Ripple’s blog shows that the amount of cryptoassets held is expected to reach at least $16 trillion by 2030.
• Ripple is eager to secure assets for businesses by launching compliant and flexible options to store their cryptos through Ripple Custody.
• Taking steps towards better custody solutions, Ripple bought Switzerland-based crypto custody provider Metaco for $250 million in 2023. The firm agreed to buy Standard Custody & Trust Co. in February 2024.

XRP Price Forecast: Altcoin Set For 8% Gain.

XRP ended its downtrend on July 13. The altcoin has since risen to $0.6602, the 50% Fibonacci retracement of the decline from the July 2024 high to the July 2023 low. XRP is trading at $0.5329 as seen in the XRP/USDT daily chart.

The Relative Strength Index (RSI) shows 41.59, below 50, the neutral level. XRP could extend gains by 8.49% and rise towards the upper bound of the fair value gap (FVG) between $0.5445 and $0.5778.

The asset is facing resistance at the 200-day EMA at $0.5540.

XRP/USDT Daily Chart

A daily candle close below the September 6 low of $0.5026 could invalidate the bullish thesis. XRP could sweep liquidity to the August 6 low of $0.4877 in case of further correction.