Since the announcement that a major bank was reevaluating its partnership with Ripple, which was purchased for $250 million earlier this year, XRP has been showing a stagnant price performance.
Ripple Partnership!
According to a new report prepared by Bloomberg, sources familiar with the matter have claimed that the financial services giant Citigroup is reassessing its partnership with the Swiss fintech company Metaco.
The report does not clarify whether the bank’s review of Metaco is associated with the firm’s acquisition by Ripple Labs. Ripple originally acquired Metaco in May, citing research that projected blue-chip investors to heavily incorporate crypto custody services into their business models over the next three years. Ripple made the following statement:
Surveillance is a significant aspect of the infrastructure required for corporate crypto services, and recent research conducted by Ripple shows that most global finance leaders in financial institutions and businesses plan to use cryptocurrency custody solutions in their businesses over the next three years.
Metaco, which offers tokenization services to create digital representations of real-world assets on blockchains, ideally allows Ripple’s corporate clients to store, issue, and swap tokenized assets.
Impact on Cryptocurrencies!
On the other hand, Ripple was significantly impacted in a negative way as a result of the lawsuit filed by the United States Securities and Exchange Commission (SEC). However, a positive atmosphere had been prevalent due to the expectations of expert crypto analysts and investors that Ripple would win the mentioned lawsuit.
In general, after token companies secure partnerships with world giant corporations, a trend towards an increase is typically observed in the crypto markets. Whether a similar situation will occur with Ripple will become clear in the coming days.
At the time of writing, the popular altcoin Ripple (XRP) is trading at $0.4864, showing stagnant price movements.
