Ripple (XRP) News Today: December 23
In the following lines, we will explore the latest partnership expansions by Ripple, and we will take a look at the growing inflows into the spot XRP ETFs.
We will also touch upon the asset’s price performance, which has been rather underwhelming as of late.
XRP Healthcare and TJM News
At the end of the previous business week, Ripple outlined the expansion of its partnership with TJM Investments, a FINRA-regulated broker-dealer, and TJM Institutional Services, an NFA-registered introducing broker (TJM). The new deal would allow TJM to offer its clients improved capital and collateral efficiency as well as enhanced clearing stability and balance-sheet support via Ripple Price – the newly rebranded multi-asset prime brokerage platform.
“We are pleased to deepen our partnership with TJM, which reflects the shared vision and trust the principals of our businesses have cultivated for over a quarter-century,” commented Noel Kimmel, President of Ripple Prime.
Separately, XRP Healthcare, a Web3 company building a blockchain-based healthcare payment platform on the XRP Ledger, announced securing a global trademark protection across healthcare services, digital health technology, and payment-related infrastructure in several global jurisdictions.
The trademark is now registered in the US under Classes 9 and 44, with established registrations in the UK, EU, UAE, and Uganda. XRP Healthcare also said it’s working on receiving the green light in other jurisdictions.
Thirdly, Upshift, Clearstar, and Flare announced in a press release shared with CryptoPotato that they have jointly launched earnXRP, a new XRP-denominated yield vault designed to make earning on-chain XRP yield simpler, more transparent, and more accessible.
This will allow token holders to generate yield directly denominated in XRP, without managing complex DeFi strategies themselves.
Ripple ETF Streak Continues
Canary Capital’s XRPC became the first spot XRP ETF to launch in the US with 100% exposure to the asset on November 13. Since then, four more products have followed suit, and the financial vehicles have enjoyed investors’ attention.
In well over a month, they have seen only green days in terms of net inflows. The total amount allocated to the funds exceeded $1.1 billion as of Monday’s close, when $43.89 million entered the ETFs. Moreover, the spot XRP funds have outperformed all other crypto-based ETFs since November 13.
XRP Price Update
Despite the overall bullish year for Ripple and the growing ETF inflows, the underlying asset’s price performance has been quite disappointing lately. It traded above $2.55 on November 13, ahead of the first ETF launch, but has tumbled to under $2.00 as of press time, losing over 20% of its value.
After another unsuccessful breakout attempt yesterday, it was stopped at $1.95 and now sits below $1.90, which is a key support line. If decisively broken to the downside, it could lead to another drop to $1.70 or even $1.00.
Naturally, the overall sentiment toward the asset has turned bearish, which could actually be a blessing in disguise. Santiment reported that XRP has benefited greatly in previous such instances when the crowd turned against it.
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