As a seasoned researcher with extensive experience in the crypto industry, I find Ripple’s recent exits from Bitstamp and Tranglo intriguing. The news, as reported by Crunchbase, raises questions about the motivations behind these moves.
According to reports, Ripple, a prominent tech firm specializing in crypto payments and financial services, seems to have sold off its stakes in crypto exchange Bitstamp and cross-border payment platform Tranglo. Notably, Crunchbase has recorded these transactions as significant divestitures involving XRP and the XRP Ledger.
Ripple Withdraws Investments in Bitstamp and Tranglo
According to Crunchbase’s latest business data, Ripple, a company specializing in crypto payment solutions, has recently parted ways with Bitstamp and Tranglo in the crypto sector.
The precise motives for Bitstamp’s departure from the crypto market are undisclosed; however, Robinhood’s $200 million purchase of Bitstamp may have contributed. This deal has fueled rumors about the potential addition of XRP to Robinhood’s platform.
Last year, Bitstamp, a cryptocurrency exchange, was purchased by Ripple for an unspecified sum, which was previously owned by Pantera Capital. According to Ripple president Monica Long, this acquisition represents a significant step for Ripple in expanding its reach globally and going beyond just payments.
During this time, Tranglo being named amongst the businesses from which Ripple has distanced itself sparked apprehension and questioning among the XRP community. Notable figures in the XRP sphere such as Crypto Eri and WrathofKahneman expressed the need for more information to validate these reports, as the specifics were not publicly disclosed elsewhere.
A crypto technology firm continues to recognize Tranglo as a collaborator on its website and keeps abreast of its developments. Previously, Ripple owned a 40% share in cross-border payment service provider Tranglo, which employed XRP for instant liquidity solutions.
XRP Price in the Spotlight
Traders showed no initial reaction to the recent news. The price of XRP has risen by 2% over the last 24 hours, reaching $0.532 at present. The lowest and highest prices within this timeframe were $0.521 and $0.539 respectively. Nevertheless, the trading volume has noticeably dropped by 45% as traders took profits following a significant 26% increase in XRP’s value over the past week.
The open interest for XRP futures contracts increased by approximately 1% to reach 1.27 billion, following a substantial 19% growth the previous week. It’s worth noting that investors have started taking profits, leading to a decrease in open interest of over 1% on Binance.
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2024-07-15 15:51