Ripple made the headlines again following important announcements about the stablecoin RLUSD and the signing of strategic deals.
XRP’s price remains suppressed amid the overall bear market, but recent whale activity suggests a revival might be knocking on the door.
The Latest Collaboration
Earlier this week, Ripple shook hands with Convera, a leading fintech company specializing in cross-border payments and foreign exchange services. The main goal of the collaboration is to offer crypto-enabled payment and treasury solutions for businesses. Speaking on the matter was Convera’s CEO, Patrick Gauthier:
“Ripple is a clear leader in the crypto space and a natural fit for Convera. We look forward to continued success and growth as we roll out these capabilities to customers near and far.”
According to the official announcement, the partnership builds on the “stablecoin sandwich” settlement model, where Convera will orchestrate the end-to-end payment experience, while Ripple will provide the underlying infrastructure for liquidity, on/off-ramping, and cross-border settlement.
Apart from the new deal, Ripple Prime has expanded its Hyperliquid integration to HIP-3 products. Mike Higgins revealed that the development will enable institutional-grade access to on-chain perps on traditional assets such as gold, silver, and oil.
Furthermore, Ripple just announced the launch of Digital Asset Accounts and Unified Treasury – two products aimed at allowing corporations to manage fiat and cryptocurrencies side by side in a single system. This should eliminate the necessity of manual reconciliation processes or the usage of separate platforms.
RLUSD’s Progress
Ripple’s stablecoin, pegged 1:1 to the US dollar, often makes the front pages. Just hours ago, Coinone (one of the biggest crypto exchanges in South Korea) opened trading services for the asset directly in KRW. Other well-known platforms that have listed RLUSD over the past several months include Binance, Kraken, Bybit, Gemini, and more.
The product officially saw the light of day at the end of 2024, and at one point this year, its market capitalization exceeded $1.5 billion. The figure currently stands at around $1.23 billion following some major burnings. X user Vet disclosed that Gemini recently redeemed (via burning) 128 million RLUSD on the XRP Ledger with Ripple.
“This means they requested the liquidity back that they used to mint RLUSD with Ripple, by burning RLUSD,” the analyst explained.
XRP Price and Whales
As of this writing, Ripple’s native token is worth approximately $1.35, representing a 10% decline over the past two weeks. And while the bear market may further suppress the valuation in the short term, the recent actions of the large investors suggest a rally may also be on the way.
As CryptoPotato reported, these market participants have acquired 190 million tokens in the last week. Prior to that, X user CW revealed that retail investors have lost interest in XRP, but whales have increased their exposure.
“This is a very ideal situation. Retail investors’ interest has cooled, and whales are quietly accumulating,” the analyst claimed.
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