Ripple (XRP) Launches New Product Amid Crypto Market Rally

Ripple (XRP) Launches New Product Amid Crypto Market Rally

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A new product called Ripple Liquidity Hub will allow traditional financial companies to offer cryptocurrency services to their clients.

Ripple’s press release states:

– It is a groundbreaking new way for enterprises to easily and efficiently source digital assets from the broader crypto market. As a crypto liquidity platform built for the enterprise, it will unleash the potential to access deep liquidity within markets, accelerating the shift to crypto.

Asheesh Birla, General Manager of Ripple Labs, emphasizes that with the Ripple Liquidity Hub solution, any financial institution can provide its clients with access to the most popular cryptocurrencies. Currently, they are BTC, Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Bitcoin Cash (BCH), and XRP. Asheesh Birla points out:

– While the XRP Ledger and XRP are and will remain a native part of our tech stack, we at Ripple believe that achieving interoperability is key to unlocking crypto’s true potential. In the future, Ripple plans to add functionality such as staking and yield-generating functionalities.

XRP has been growing steadily since the end of September to date, starting at $0.9. And in early September, at the end of the previous growth phase, a local maximum of $1.41 was set. The launch of a new innovative product was the trigger for the local soar of XRP. The cryptocurrency rose from $1,224 to $1.35 in a day.

It is highly likely XRP will continue to rally. This is facilitated by the market situation and the behavior of the leading cryptocurrency. The current situation differs from the 2017 and 2019 bitcoin bull run, according to research firm Glassnode. Earlier when the BTC’s maximums were reached, it flowed to the exchanges, the players fixed their profits. Now the balance of BTC on exchanges has fallen to a multi-year low and is only 12.9% of all coins in circulation.

This behavior of players demonstrates “a fairly constructive outlook for bitcoin over the coming weeks,” says Glassnode. The researchers additionally note that for a year now, BTC holders have not intended to sell the coins. It can also be a confirmation of the optimistic sentiment in the market.