Ripple has set its eyes on the $20 trillion custody market, aiming to advance and position itself better in the sector with its upcoming services.
According to the official statement of the digital payment network provider adoption of digital assets is booming because enterprise blockchain’s built-in benefits—speed, transparency, and immutability—can lower costs, lower fraud, and increase liquidity in a variety of financial use cases.
Revenues from businesses (partnerships, sole proprietorships, and organizations) that store clients’ securities for safekeeping in order to guard against theft or loss make up the custody services market. The custodian may hold stocks, bonds, or other assets for its clients in either physical or digital form.
Banks To Likely Benefit From Ripple’s Custody Services
A custody market usually entails a lot of interest from both retail and institutional customers. Ripple’s services that like a single, fully integrated platform for all digital asset use cases helps banks consolidate their userbase in one.
In order to avoid being surpassed by rivals, many big, international banks that currently provide traditional custodian services for financial assets must now expand their offerings to include institutional digital asset custody, according to the blockchain firm.
In order to compete with neobanks and take advantage of expanding opportunities in areas with forward-thinking crypto regulatory frameworks, regional banks can simultaneously implement new digital asset solutions like that of Ripple.
Additionally, banks can use Ripple Custody to make sure their services adhere to strict regulatory frameworks in various geographical areas. For instance, new laws in places like Japan and Hong Kong mandate that providers hold a specific proportion of their clients’ assets in cold storage.
In addition to these fundamental services, banks that use Ripple Custody retain complete control over their security and operational models, such as private key management or flexible deployment, which can lead to the development of numerous creative new use cases.
Ripple’s Growth Comes As XRP Finds Cues To Rise
Ripple’s growth and advancements are directly co-related to XRP’s price. If Ripple ecosystem does dive into additional markets, it will likely keep investor confidence afloat and thereby help XRP grow. However, in the past three month, XRP has been struggling to find substantial grounds given the ongoing Ripple VS SEC advancements.
But given the current scenario, Ripple’s potential as a growing blockchain service will likely help XRP traders get out of the gloomy present. In such a scenario, the coming month might see XRP price increasing to hit $0.609082 level.
Additionally the coin’s Fear & Greed Index is currently at 69 (Greed), indicating that the sentiment is currently bearish.
But cutting through this brearish trend, over the past 30 days, XRP has experienced 15/30 (50%) green days and 4.84% price volatility.
XRP’s 200-day SMA is expected to rise over the course of the next month, reaching $0.557095. If the current market situation persists, by end of November, XRP’s short-term 50-Day SMA will reach $0.587735.
To determine if a cryptocurrency is overbought (above 70) or oversold (below 30), one common indicator that investors use is the Relative Strength Index (RSI) momentum oscillator. The RSI value is 46.74 at the moment, indicating that the XRP market is in a neutral state.