The XRP price retreated after hitting a crucial resistance level following Ripple Labs’ recent GTreasury acquisition.
The XRP price pulled back after hitting a crucial resistance level.
Ripple Labs closed the $1 billion GTreasury buyout.
All spot XRP ETFs are nearing the $1 billion asset milestone.
Ripple's Strategic Acquisitions and XRP Price Movement
Ripple (XRP) token retreated to a low of $2.1215 from the week’s high of $2.2245. It remains approximately 42% below the year-to-date high of $3.6680.
Ripple Labs recently closed its $1 billion buyout of GTreasury, a company with 40 years of experience in helping institutions manage their treasuries. The company aims for this acquisition to provide its enterprise customers with easy access to digital asset infrastructure. This will enable companies to unlock idle capital, facilitate instant money movement, and open new avenues for growth.
GTreasury is one of four companies Ripple Labs has acquired this year. Previously, it acquired Hidden Road, now known as Ripple Prime, which offers prime brokerage services that will be integrated into GTreasury. Additionally, Ripple acquired Palisade, a digital asset custody company, and Rail, a rapidly growing player in the stablecoin industry.
Ripple Labs anticipates that these acquisitions will contribute to its goal of becoming a unified infrastructure platform that will significantly influence how money moves globally.
Investor Focus Shifts to XRP Spot ETFs
The XRP price also experienced a pullback as investors continued to invest heavily in the recently launched spot ETFs. Data compiled by SoSoValue indicates that these ETFs have accumulated over $207 million in assets this week. Last week, inflows for XRP ETFs stood at $243 million, bringing the cumulative figure to $874 million. All XRP ETFs collectively hold $906 million in assets, and are on track to cross the $1 billion milestone soon.
XRP Price Technical Analysis
On the daily timeframe chart, the XRP price pulled back after reaching the descending trendline, which has connected the highest swings since October 2. This trend is part of a falling wedge pattern formation, typically recognized as a bullish reversal sign. Concurrently, an inverse head and shoulders pattern has formed, another common indicator of a bullish reversal.
The XRP token is currently trading above the strong pivot reverse point of the Murrey Math Lines, which is considered a bullish indicator. Therefore, the most probable forecast for the XRP price is bullish, with the next key target identified at $2.3440, representing the major S/R pivot point of the Murrey Math Lines. This bullish outlook will be further confirmed if the price moves above the upper boundary of the falling wedge pattern.