Rippleās native token has plunged alongside the rest of the crypto market, recording a steep drop in recent days.
This comes even as the company continues to expand globally and institutional interest in the asset remains solid.
Partnerships and More
Ripple has been inking strategic deals lately, and many have focused on its USD-pegged stablecoin, RLUSD. Earlier this week, the firm shook hands with the Turkish crypto platforms BiLira, Bitexen, and Bitlo, aiming to boost adoption and usage of the product.
Moreover, it partnered with Istanbul Technical University (ITU) through RLUSD funding to support research initiatives and graduate fellowships, and establish an on-campus XRPL validator.
Most recently, the global payments giant Mastercard enhancedĀ its infrastructure to enable merchants and partners to settle transactions using various digital assets, including RLUSD.
Besides the collaborations related to the stablecoin, Ripple strengthened its presence in its homeland by opening an expanded office in Washington, D.C., thus reinforcing its ālong-term commitment to constructive engagement with policymakers, regulators, and industry partners in the nationās capital.ā Speaking on the matter was Stuart Alderoty:
āExpanding our Washington, D.C. presence reflects our long-term commitment to constructive engagement, regulatory clarity, and U.S. leadership in financial innovation. As blockchain and digital assets become more integrated into the financial system, Ripple is committed to helping shape policy that protects consumers, supports responsible innovation, and keeps America competitive.ā
The ETF Front
Unlike spot BTC and ETH exchange-traded funds, those with XRP as the underlying asset have attracted substantial capital lately. Data show that inflows have outpaced outflows over the past several weeks, indicating that institutional investors have increased their exposure to the token, thereby requiring the productsā issuers, including Bitwise, Canary Capital, Franklin Templeton, 21Shares, and Grayscale, to purchase real XRP.
However, June 3 finally ended the positive streak, as spot ETFs posted a daily net flow of -$5.34 million. Since their launch, these financial vehicles have generated a cumulative total net inflow of more than $1.42 billion.
XRP Price Outlook
Rippleās cross-border token is down 10% for the week, and that shouldnāt come as a surprise. After all, the entire crypto market has been bleeding heavily, with Bitcoin (BTC) dropping to nearly $61,000 and Ethereum (ETH) tumbling to roughly $1,700.
Recent whale activity suggests the XRP bulls may suffer further pain in the near future. As CryptoPotato reported, these big investors have sold or redistributed 60 million tokens over the last seven days. Such an exodus could spark panic across the community and cause smaller players to cash out, too. Meanwhile, some analysts believe the price could slip under $1 in the short term.
The post Ripple News and XRP Price Update Today: June 4 appeared first on CryptoPotato.
Ā Check out the latest news and developments surrounding Ripple’s ecosystem.Ā Crypto Bits, Crypto News, Ripple, Ripple (XRP) ETF, Ripple (XRP) PriceĀ
This articles is written by : Nermeen Nabil Khear Abdelmalak
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