Latest news with #HiddenRoad
Yahoo
14 hours ago
- Business
- Yahoo
XRP Drops 3% as Selling Pressure Overwhelms Support Level
XRP XRP tumbled 2.71% over the past 24 hours, continuing its downward spiral as selling pressure outweighed buyer interest. The token now trades at $2.20 after breaking below key support levels, forming a descending channel pattern that has defined recent price action. A significant volume spike of 1.2 million units preceded the breakdown, signaling traders' rush to exit positions as market sentiment soured. XRP's market cap shed $6 billion during the session, with weekly losses totaling 9.11%, reflecting a broader struggle to maintain momentum amid global market volatility. News Background Ripple's XRP continues to be shaped by a mix of fundamental developments and technical factors. Ripple recently emphasized its strategy to integrate with traditional finance rather than replace it entirely, highlighting projects like RLUSD (Ripple's new stablecoin) and its acquisition of Hidden Road as infrastructure plays that could strengthen XRP's role in cross-border payments. Meanwhile, Ripple's ongoing work with UAE regulators on tokenized real estate demonstrates its commitment to global expansion. On Wednesday, China-based Webus filed with the SEC detailing plans of a $300 million fundraise with a major portion dedicated to establishing an XRP strategic reserve. Price-Action CoinDesk Research's technical analysis model shows strong resistance at the $2.265-$2.270 zone, with multiple failed breakout attempts and above-average volume confirming sellers' dominance. Support has emerged in the $2.10-$2.15 range, but weakening momentum suggests this level could be tested further if selling persists. Despite the bearish backdrop, some analysts point to potential bullish signals. A possible double bottom pattern formed as price rebounded to $2.208 on increasing volume, indicating that short-term accumulation may be underway. Open interest has surged past $4 billion, hinting at heightened market liquidity and the potential for a short squeeze if sentiment shifts. However, caution remains warranted as the inverted V-shaped pattern on XRP's daily chart underscores the recent shift from buying enthusiasm to aggressive selling pressure. Technical Analysis Recap XRP fell 2.71% from a high of $2.269 to a low of $2.190 over the past 24 hours. Price action formed a descending channel, reflecting persistent bearish momentum. Resistance at $2.265-$2.270 confirmed by multiple rejections on above-average volume. Support established at $2.202-$2.205, but momentum suggests vulnerability at this level. A breakdown below $2.204-$2.206 at 01:48 was accompanied by increased volume (399K+). A potential double bottom formed as price rebounded to $2.208 with volume increasing to 446K.
Yahoo
2 days ago
- Business
- Yahoo
XRP Ledger Payments Count Falls to Lowest Since October as XRP Fails to Keep With Bitcoin
Activity on the XRP Ledger, a decentralized public blockchain designed for quick, cost-effective real-time transfer of XRP, fiat currencies and other digital assets, has slowed considerably since the first quarter. The number of payment transactions, representing the transfer of value from one account to another, dropped to 320,747 at press time, the lowest since October and significantly down from the average of over 1 million observed through March, April, and early May, according to data source XRPScan. The number of active addresses also fell under 10,000, also the lowest since October. Meanwhile, the number of XRP burned as fees dropped to a multi-month low of 1,500 XRP, coinciding with a slowdown in the creation of new accounts. Account creators need to deposit 1 XRP, which can be reclaimed following the deletion of the account. The slowdown follows an impressive first quarter during which payment transactions surged by an impressive 36% on a quarter-on-quarter basis, according to data tracked by Messari. Meanwhile, active addresses registered a 142% growth. The Messari report was optimistic about XRP Ledger's prospects, citing an increase in institutional adoption through strategic partnerships and acquisitions. In April, Ripple, which leverages the XRP Ledger to provide payment solutions, Hidden Road, making it the first crypto company to own and operate a global, multi-asset prime broker. Early today, Ripple's enterprise-grade RLUSD stablecoin received the green light from the Dubai Financial Services Authority (DFSA), opening doors for its use in the Dubai International Financial Centre (DIFC). More announcements could hit the wires next week during Ripple's XRP Ledger Apex 2025 event, which will take place in Singapore from June 10 to 12. Bitcoin, the leading cryptocurrency by market value, recently rose to new lifetime highs above $110,000, marking a surge of over 40% from its early April lows near $75,000. The stellar recovery also lifted the broader market higher, with XRP jumping from $1.60 to $2.60, a 62% increase, according to CoinDesk data. However, the rally in the payments-focused token has stalled since then, falling well short of its peak of around $3.40 registered in January when BTC set its then-lifetime peak of $109K. The divergence indicates that XRP is not benefitting from bitcoin's new highs the same way it did earlier this year. It could be a sign of waning demand for XRP, suggesting caution, as a potential downturn in Bitcoin could weigh heavily on XRP's price. Sign in to access your portfolio
Yahoo
6 days ago
- Business
- Yahoo
Ripple's Hidden Road Launches Crypto OTC Brokerage in U.S.
Hidden Road, the prime brokerage platform recently acquired by Ripple, has officially launched a digital assets prime brokerage for the U.S. market, giving institutional investors access to over-the-counter (OTC) crypto swaps. The new offering will allow U.S.-based institutional clients to execute cash-settled OTC swaps across several tokens. The product will be operated through Hidden Road's UK-based, FCA-regulated entity, Hidden Road Partners CIV UK Ltd. The expansion also includes cross-margining and financing services for digital assets. 'The United States digital asset market has long been under-served from a product standpoint,' said Michael Higgins, International CEO and Global Head of Corporate Development at Hidden Road, in a Thursday release. 'While OTC swaps represent a significant portion of digital asset trading volumes globally, until now, they were largely unavailable to U.S. institutions. With the launch of our swap prime brokerage capabilities, we can provide clients with access to an expanded range of products and solutions.' OTC swaps are trades that occur privately rather than on a public exchange, and are commonly used by institutional players to execute large trades discreetly, preventing significant price swings on open markets. Ripple acquired Hidden Road in April in a $1.25 billion deal, aiming to help expand the platform globally as a non-bank prime broker in the digital asset space. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
28-05-2025
- Business
- Associated Press
Hidden Road Launches Digital Asset Swaps Prime Brokerage for the United States Market
New Product Launch Expands Suite of Prime Brokerage Solutions and Fulfills Growing U.S. Demand for Digital Asset Swaps LONDON, May 28, 2025 /PRNewswire/ -- Hidden Road today announced the launch of its digital asset swaps prime brokerage capabilities for the United States market. U.S.-based institutional clients will now be able to execute cash-settled OTC swaps across dozens of the most prominent digital assets. The new OTC swaps product is offered from the Group's FCA-regulated entity, Hidden Road Partners CIV UK Ltd. With this launch, Hidden Road will also offer various cross-margining and financing services in digital assets. 'The United States digital asset market has long been under-served from a product standpoint,' said Michael Higgins, International CEO and Global Head of Corporate Development for Hidden Road. 'While OTC swaps represent a significant portion of digital asset trading volumes globally, until now, they were largely unavailable to U.S. institutions. With the launch of our swap prime brokerage capabilities for the United States market, we can provide clients with access to an expanded range of products and solutions.' The launch of Hidden Road's digital asset swap capabilities for the United States follows its definitive agreement in April 2025 to be acquired by Ripple, a leading provider of digital asset infrastructure for financial institutions, for $1.25 billion. With the backing of Ripple's significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become one of the largest non-bank prime brokers globally. The deal is expected to close in the coming months, subject to regulatory approvals. About Hidden Road Hidden Road Partners is the global credit network for institutions, enabling seamless access to traditional and digital markets. Conflict-free and built on a modern technology stack, we remove complexity and cost in prime brokerage, clearing and financing. For more information, please email [email protected]. Media Contact Carissa Felger/Sam Fisher Gasthalter & Co. [email protected] +1 (212) 257-4170 View original content to download multimedia: SOURCE Hidden Road Partners
Yahoo
21-05-2025
- Business
- Yahoo
CME's XRP Futures Have Pulled In Nearly $30M Since Debut, Fueling XRP ETF Hopes
XRP futures contracts on the Chicago Mercantile Exchange (CME) recorded over $19 million in notional trading volume on their first day and at least $10 million on Tuesday, data shows. The inaugural trade, a block transaction, was cleared by Hidden Road on May 18. CME's XRP futures are available in two sizes: standard contracts representing 50,000 XRP and micro contracts representing 2,500 XRP. Both are cash-settled and benchmarked to the CME CF XRP-Dollar Reference Rate, calculated daily at 15:00 UTC. Standard contracts bagged a volume of 7.5 million XRP on Monday and 2.95 million XRP on Tuesday, while micro contracts did 517,000 XRP on Monday and at least 1.2 million XRP on Tuesday. Market participants see the launch of these regulated futures contracts as a step toward the potential approval of a spot XRP exchange-traded fund (ETF) in the United States. 'Spot XRP ETFs only a matter of time,' Nate Geraci, President of the ETF Store, said in an X post Monday. Despite the strong debut of the futures contracts, XRP's spot price remained relatively stable, trading around $2.38, with a slight increase of 0.42% over the past 24 hours.
