Ripple News and XRP Price Update: November 5

Ripple’s October Surge: Key Partnerships and Regulatory Milestones

The company behind XRP experienced a significant October, particularly in its final week, marked by substantial announcements, new partnerships, and strategic expansions. Concurrently, XRP, the native token, participated in a broader market sell-off but has since shown a swift recovery, surpassing a critical resistance level that analysts suggest could ignite its next major rally.

CryptoPotato has consistently reported on the significant developments within the Ripple ecosystem throughout October, which culminated during the Swell conference held at the month’s end. Many of these advancements centered on Ripple’s native stablecoin, RLUSD. Coinbase notably expanded access to RLUSD across its platforms, including Coinbase Prime, Coinbase Exchange, and its retail application, with support extending to XRPL, Ethereum, and Base.

Robinhood also integrated RLUSD through a new partnership, enabling the stablecoin to function across Bitstamp, institutional settlements, and eventually its main application.

BNY Mellon reinforced its custody support for both XRP and RLUSD. Concurrently, Moody’s assigned RLUSD an A2 long-term and P-1 short-term investment-grade rating, with the latter being the agency’s highest short-term designation under its stablecoin framework.

Another pivotal development involved the Office of the Comptroller of the Currency (OCC), which granted Ripple final approval to establish Ripple National Trust Bank. This authorization permits the company to operate a federally supervised entity dedicated to managing RLUSD reserves and providing institutional digital asset custody services.

XRP Ledger Update and ETF Performance

Reports from earlier today confirmed that the XRP Ledger successfully activated the fixCleanup340 amendment at 10:52 PM on November 4. Developers stated this fix addresses a vulnerability that could have allowed accounts authorized solely to destroy an issuer’s tokens to create new ones under specific circumstances. The update’s activation was delayed due to validator support briefly falling below the required threshold days prior.

The performance of XRP-focused Exchange Traded Funds (ETFs) in October proved to be a mixed bag. While XRP ETFs were among the few crypto-focused products to finish the month in positive territory, they experienced their second-to-last month in terms of net inflows.

November began on a challenging note. On the first trading day, these ETFs saw outflows exceeding $500,000. The subsequent two days showed no significant activity, with SoSoValue data reporting $0.00 in flows for both. Despite these fluctuations, cumulative total net flows remain near all-time high levels, standing at $1.810 billion.

XRP Price Action and Analyst Outlook

The cross-border token dipped to $1.20 following a significant hack against Binance last week but quickly rebounded to $1.25. Analyst Ali Martinez suggested that the asset is consolidating for a substantial move, predicting a surge to and beyond $1.40 if it could reclaim the $1.28 resistance level. Bulls celebrated a Wednesday rally as XRP indeed surpassed this mark, reaching $1.34 before facing resistance. As of press time, XRP is trading above $1.30.

Meanwhile, popular analyst ChartNerd cautioned that XRP might need to retest a historical demand zone against Bitcoin (BTC) before achieving significant outperformance against the market leader. However, against the U.S. dollar, the outlook is considerably more bullish, with projections of reaching $5 or even $8 within the next year.

Network activity has recently surged, with nearly 8,000 new wallets created on November 1 alone, preceding the breakout past $1.28. Separately, the number of XRP millionaire wallets has reached its highest point of the year, totaling a record 2,147. According to Santiment, this indicates strong accumulation despite the asset’s price weakness at $1.25 at the time of reporting, suggesting large holders remain optimistic about future growth.