XRP Price Rallies 13% After Ripple’s Latest Acquisition: More Gains Ahead?

Key Insights:

• Ripple (XRP) price hit a weekly peak of $0.58 on Friday February 16 after weeks of lagging behind the market rally. 
• After weeks of sideways price movement, XRP joined the market rally shortly after Ripple announced the strategic acquisition of Standard Custody, on Feb 13. 
• Between Feb 13 and Feb 16, XRP price gained 13% indicating that investors are now regaining confidence.

Ripple (XRP) price hit a weekly peak of $0.58 on Friday February 16. After weeks of lagging behind the market rally, recent price trends show that Ripple’s recent acquisition announcement has sparked a bullish reaction across the XRP ecosystem. 

Is XRP price on the verge of a major breakout above $0.60? 

XRP price increased 13% After Ripple’s Standard Custody Acquisition

The global cryptocurrency sector grew 30% between Jan 23 and Feb 17, adding a staggering $460 billion in overall market capitalization. But interestingly, XRP was conspicuously left out of the rally as the ecosystem grappled with the negative press from a $120 million hack involving Ripple Labs’ co-founder uncovered on Jan 30. 

Between Jan 23 and Feb 12, XRP price underperformed relative to the market average, scoring a modest 8% price upswing. However, the 6th largest crypto by market capitalization bucked that trend after Ripple announced the acquisition of Standard Custody.

Standard Custody & Trust Company, is an institutional-grade regulated platform for digital assets holding. According to the official statement, this acquisition will allow Ripple to leverage Standard Custody’s money transmitter licenses to enhance compliance and regulatory clarity. 

XRP Price Increased 13% between Feb 13 to Feb 17 after Ripple’s latest acquisition announcement | Source: TradingView

“Ripple and Standard Custody are dedicated to enabling enterprises to reap the benefits of blockchain across a host of financial use cases building institutional-grade solutions to tokenize, store, move, and exchange value.

By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions,” – said Monica Long, Ripple President.

Taking a cue from the 13% XRP price upswing observed since Feb 13, the Standard Custody acquisition announcement appears to have reinforced investor confidence in Ripple, after a turbulent fortnight. 

With the market rally still raving on, and investors regaining confidence, XRP price now looks in prime position to receive fresh capital inflows from trades looking to capitalize on its undervalued status, relative to the market trends. 

In effect, XRP price looks set for another leg-up towards reclaiming $0.60 in the weeks ahead.