- Ripple has reportedly divested from key partners.
- Prominent XRP voices have expressed skepticism over the data.
- Despite the reports, XRP’s price has remained steady.
An undercurrent of unease is roiling the XRP community after Ripple, a leading name in the cryptocurrency world, apparently pulled its investments from two key partners: Bitstamp, a prominent crypto exchange, and Tranglo, a well-regarded cross-border payment firm.
This unexpected move, unearthed by data on business information platform Crunchbase, sent shockwaves through the XRP holder base, sparking a flurry of speculation and demands for answers from Ripple. With the reasons behind the exits shrouded in mystery, XRP holders are left wondering what this means for the future of the token.
Ripple Partner Exits Raises Questions
In the case of Bitstamp, Robinhood’s recent $200 million acquisition of the exchange could be a contributing factor. Prior to the acquisition, Ripple had acquired Bitstamp in 2022, signaling its intent to expand beyond payment solutions. However, Robinhood’s purchase has fueled rumors of a potential XRP listing on the platform.
Sponsored
Ripple’s exit from Tranglo has caused more significant concern. Tranglo, a cross-border payment company that utilized XRP for on-demand liquidity, was previously listed as a partner on Ripple’s website.
XRP community experts like Crypto Eri and WrathofKahneman have raised concerns about the accuracy of Crunchbase data, pointing out the lack of confirmation from other sources. Despite this, Ripple still lists Tranglo as a partner on its website and maintains their social media connection.
We have reached out to Ripple, Crunchbase, and Bitstamp for their comments on this issue.
XRP Price Holds Steady
The news has had a muted impact on XRP’s price in the short term. The token has gained 2% over the past 24 hours, currently trading at $0.532. However, trading volume has dipped by 45%, likely due to profit-taking after a strong 26% rally in the past week.
In the derivatives market, total XRP futures open interest has risen slightly to 1.27 billion, following a 19% increase last week. However, this is accompanied by a drop in futures OI on major exchange Binance, suggesting some investors are locking in profits.
The reasons behind Ripple’s decision to exit these investments remain to be seen. The XRP community awaits further clarification, with some speculating about potential strategic shifts by the company.
On the Flipside
- The timing of the exits during Bitstamp’s acquisition by Robinhood might be coincidental, but it raises questions about Ripple’s future in the exchange market.
- Despite the significant corporate movements, XRP’s price stability and recent rally suggest investor confidence remains.
Why This Matters
Ripple’s divestment from key partners Bitstamp and Tranglo introduces uncertainty into the company’s strategic direction and impacts XRP’s utility and adoption. This move could signal a broader shift in Ripple’s market approach, influencing investor confidence and potentially altering the dynamics of cross-border payment solutions within the crypto space.
To learn more about the potential impact of the Ripple vs SEC lawsuit on the cryptocurrency market, read here:
Ripple’s XRP May Become the Tide that Lifts All Crypto Boats
The Ripple vs SEC battle over XRPโs security status continues. For updates on cryptocurrency regulation, click here:
Ripple vs SEC Lawsuit: One Year Later, Crypto Awaits a Verdict
