Ripple, the firm behind XRP, expanded much of its institutional business in October, according to CryptoPotato. Its Ripple Prime arm added a relationship with hedge fund Brevan Howard, and a South Korean partnership with Meritz Securities covered custody and tokenization. Standard Chartered launched RLUSD custody in Dubai, and Moody's gave RLUSD an A2 long-term rating. Ripple also reported an annualized product revenue run rate approaching $900 million. Despite that news, XRP did not follow it higher. The token started October near $1.50, rose toward $1.55, and was then rejected, sliding for most of the month. After the Binance hack it fell below $1.20, a two-month low, before recovering to about $1.25 at month end.
Why it matters: The contrast shows that steady institutional progress for Ripple's ecosystem did not automatically translate into gains for its native token.
Summary by Dextape, based on reporting by CryptoPotato. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.
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