Coinspeaker
Ripple Custody Trademark Sparks Rumors of XRP Wallet
Ripple Labs
XRP
$2.25
24h volatility:
3.7%
Market cap:
$131.60 B
Vol. 24h:
$2.90 B
has filed a trademark application for “Ripple Custody,” which could translate to the company entering the custody industry.
The Ripple trademark outlines custodial services for storing and managing digital currencies, a decision that could position the American fintech firm alongside major players such as Coinbase, BNY Mellon, and others.
The possible move comes amid the crypto custody market gaining significant traction, particularly after the approval of Bitcoin ETFs in 2024.
Investors and institutions now seek secure storage solutions to mitigate risks associated with private key loss and security breaches in the blockchain space.
Notably, Ripple’s custody service, established in October 2024, appears to be part of a broader strategy to diversify beyond payment solutions.
A Possible XRP Wallet?
According to the trademark filing, Ripple plans to integrate downloadable software that facilitates the custody of digital currencies, transmission, and storage.
This has led to speculation that Ripple is developing its own cryptocurrency wallet, potentially supporting XRP and other digital assets while generating transaction fees.
If Ripple enters the custody segment, it could unify its ecosystem, offering users a seamless experience compared to existing solutions like Ledger, Exodus, and others.
SEC Case Speculation and Potential Resolution
The ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC) remains a focal point for investors.
Speculation regarding a potential SEC withdrawal from the case intensified on March 17 as Ripple’s appeal-related reply brief deadline nears.
Market participant Andrew “AP_Abacus” Parish claims that the long-drawn legal mess is close to being solved and XRP altcoin could be termed as a commodity in the near future.
The SEC’s new leadership seems to be aware of the case’s significance and its potential precedent-setting implications.
Attorney John E. Deaton, a well-known XRP advocate, shared Parish’s post, adding the “eye emoji.”
According to former FOX Business journalist Eleanor Terrett, the American fintech company is involved in an intense negotiation with the US securities regulator, trying to gain a favorable deal regarding the August 2024 district court ruling.
This ruling had imposed a $125 million fine on Ripple and included a permanent injunction preventing institutional sales of XRP.
XRP Price Analysis
At present, XRP trades at $2.26, down 2.50% in the last 24 hours, CoinMarketCap data shows. The 20-day Exponential Moving Average (EMA) is at $2.34, which currently acts as a major resistance level.
The Relative Strength Index (RSI) is at 46.44, indicating neutral to slightly bearish momentum.
The upper Bollinger Bands (BB) at $2.71 is also another potential resistance, while the lower Band at $1.94 serves as strong support.
Given XRP’s price action and its position below the 20-day EMA, traders should watch for a potential retest of lower levels if bearish sentiment persists.
However, if XRP manages to break above $2.34 with strong volume, it could signal renewed bullish momentum, potentially targeting the $2.71 resistance level.
Conversely, failure to hold above $2.26 could lead to further downside pressure toward the $1.94 support zone.
