XRP Slips 8% Amid Market Correction, Institutional Interest Remains Strong
Ripple's cross-border token XRP remains highly appealing to institutional investors and whales have been accumulating significant amounts of tokens lately. However, despite this interest, XRP has slipped 8% after a market correction swept through the broader crypto space.
One of Ripple's top executives recently shared the stage with representatives from financial giants like BlackRock and HSBC at the MESA Forum to discuss stablecoins, tokenized deposits, and other topics. They touched on the benefits of RLUSD (Ripple's stablecoin), which has gained significant traction since its launch in December 2024.
The UAE is open for business, according to Ripple, with a serious presence established in the region. The Dubai Financial Services Authority recognized RLUSD as a crypto token within the Dubai International Financial Center (DIFC) last summer.
ETFs and whales have been driving interest in XRP lately, with spot XRP ETFs attracting substantial capital and posting 10 consecutive green weeks. Companies like Bitwise, Franklin Templeton, Canary Capital, 21Shares, and Grayscale have launched spot XRP ETFs, while others await regulatory approval.
X user Diana claimed the asset is fighting to reclaim $1.50 to start a new rally, with a target of $1.70-$2 if successful.