Ripple (XRP) News Today: October 9th

Check out the recent news surrounding Ripple and its ecosystem.

Ripple and its native token are among the most intriguing topics within the crypto industry. In the following lines, we will touch upon the latest developments and outline some of the recent price forecasts.

The Latest Partnership

Earlier today (October 9), Ripple announced a strategic partnership with Bahrain Fintech Bay (BFB). The latter is the country’s leading fintech incubator and ecosystem builder, partnering with government entities and industry leaders to accelerate the nation’s blockchain and crypto adoption.

According to the collaboration, both parties will work together to positively contribute to Bahrain’s digital asset ecosystem through various activities, including supporting the development of pilot projects, educational initiatives, and local events that can attract more investors and drive innovation. Speaking on the matter was Reece Merrick, Managing Director, Middle East and Africa at Ripple:

“The Kingdom of Bahrain has emerged as an early adopter of blockchain technology and was one of the first jurisdictions globally to regulate crypto assets. At Ripple, we look forward to working with Bahrain Fintech Bay to continue laying the foundations for a thriving local blockchain industry, as well as ultimately offering our digital assets custody solution and stablecoin Ripple USD (RLUSD) to Bahrain’s financial institutions.”

For her part, Suzy Al Zeerah, Chief Operating Officer at Bahrain Fintech Bay, described the Kingdom as a financial services hub, whose legacy has been further enhanced in the crypto space.

Ripple Whales Sell en Mass

XRP’s price has dipped by 6% over the past month and currently trades at around $2.83. During that timeframe, large investors (known as whales) have offloaded 440 million tokens, which equals more than $1.2 billion.

Such efforts could lead to a further downtrend since they increase the amount of coins available on the open market and might spread panic across the XRP army.

Following the latest selling spree, whales (wallets having between one million and ten million tokens) now control a total of 6.51 billion XRP, or less than 11% of the asset’s circulating supply.

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Price Forecasts

Earlier this week, the popular analyst Ali Martinez assumed that XRP might be headed for a retest of the critical support zone at $2.72.

Other industry participants, though, have shared much more bullish predictions. X user Mikybull Crypto envisioned a potential spike to a new all-time high above $4 in the coming months. For her part, CasiTrades forecasted a substantial pump as long as the price surpasses and holds the $3 level.

Meanwhile, XRP’s exchange netflow has been predominantly negative in the past few weeks, meaning investors continue to shift from centralized platforms toward self-custody methods. This supports the bullish thesis since it results in reduced immediate selling pressure.