XRP price retreated after hitting a crucial resistance level following Ripple Labs’ recent acquisition of GTreasury.
Summary
- XRP price retreated after reaching a crucial resistance level.
- Ripple Labs has completed the acquisition of GTreasury for $1 billion.
- All spot XRP ETFs are approaching the $1 billion asset milestone.
The Ripple token (XRP) fell to a low of $2.1215 from the week’s high of $2.2245. It remains about 42% below the yearly high of $3.6680.
Ripple Labs has completed its recent $1 billion buyout of GTreasury, a 40-year-old company that helps institutions manage their cash flow.
The company hopes the buyout will give its enterprise clients easy access to digital asset infrastructure. Businesses will also be able to unlock idle capital, transfer money instantly and open new avenues for growth.
GTreasury is one of four companies acquired by Ripple Labs this year. She purchased Hidden Road, now known as Ripple Prime.
This business offers a premium brokerage service, which will be integrated into GTreasury. It also acquired Palisade, a digital asset custody company, and Rail, a fast-growing player in the stablecoin sector.
Ripple Labs hopes these buyouts will help it become a unified infrastructure platform that plays an important role in how money moves.
The price of XRP also retreated as investors continued to flock to the recently launched ETFs. Data compiled by SoSoValue shows that ETFs accumulated more than $207 million in assets this week.
Its inflows stood at $243 million last week, while the cumulative figure stands at $874 million. All XRP ETFs now hold $906 million in assets, a figure that will soon cross the $1 billion mark.
Technical analysis of XRP price
The daily time chart shows that XRP price retreated after hitting the descending trendline, which connects the highest swings since October 2.
This trend is part of the formation of the falling wedge pattern, which is a common bullish reversal sign. It also formed an inverted head and shoulders pattern, a common bullish reversal sign.
The token remains above the Murrey Math Lines strong pivot reversal point, which is a bullish sign.
Therefore, the most likely XRP price prediction is bullish, with the next key target being at $2.3440, the main S/R pivot of the Murrey Math Lines. This view will be confirmed if it moves above the top of the falling wedge pattern.
