XRP bulls stutter as Citigroup rethinks custody partnership with Ripple-owned Metaco digital custody

FXstreet
FXstreet

30 Jun 2023 8:38 PM

Ripple (XRP) price has faltered, trading without a clear directional bias on June 30, while the stalling has something to do with the concerns by the ...

  • Citigroup is reviewing its digital asset custody deal with Metaco, and informal talks with other providers are underway.
  • Ripple Labs acquired Metaco for $250 million in May to expand its services suite.
  • The uncertainty surrounding Citi's reappraisal and Ripple's ownership of Metaco has caused XRP traders to adopt a wait-and-see approach.
  • The price of XRP has been affected by concerns from the SEC about inadequate ETF filings.
  • Ripple's purchase of Bitstamp shares and the acquisition of Metaco were part of its growth strategy to offer tokenization, payments, and storage capabilities for every asset.
  • It is unclear if Citigroup's reappraisal is directly related to Ripple's acquisition of Metaco.

The sentiment in the article is mostly neutral, with a focus on uncertainty and cautiousness among XRP traders.

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You May Ask

What is Citigroup reviewing in relation to Metaco?How much did Ripple Labs spend to acquire Metaco?What has caused the uncertainty in the XRP ecosystem?What was Ripple's growth strategy behind the acquisition of Metaco?Is there a direct connection between Citigroup's reappraisal and Ripple's ownership of Metaco?

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