XRP price slips more than 6% today. It trades at $1.41 at press time. Meanwhile, the broader crypto market is crashing. However, Paxos announced new XRP support. That update gained notable traction.
Why XRP Price Slips Despite Paxos Support
The retreat may reflect market-wide selling. Additionally, Ripple sent $150 million in XRP to Binance. That move fueled sell-off concerns. Therefore, traders reacted quickly. Nevertheless, Paxos support could widen access later.
Paxos Brings XRP Support to Its Crypto Brokerage
In a recent X post, Paxos said its Crypto Brokerage platform now supports XRP. Consequently, partners can offer XRP through existing infrastructure. Specifically, partners can buy, sell, and hold XRP. They can also deposit and withdraw it.
Paxos noted XRP has circulated since 2012. It highlighted adoption across more than 8.1 million wallets. The XRP Ledger Foundation also commented. It said Paxos Crypto Brokerage serves major financial platforms. These include PayPal, Venmo, and Interactive Brokers. Charles Schwab and Mercado Libre are also included.
Ripple Expands Its Institutional Footprint
Ripple continues expanding institutional infrastructure. For example, Ripple Custody integrated with Canton. Canton focuses on institutional financial applications. This integration brings Ripple’s custody technology to Canton. It also expands support for digital assets.
Meanwhile, Ripple expanded its relationship with Brevan Howard. Its prime brokerage platform will provide selected services. That relationship builds on an earlier connection. Brevan Howard affiliates previously invested in Ripple. This highlights institutional interest in the blockchain company.
What Comes Next for XRP?
Despite positive developments, XRP remains under pressure. The token fell more than 6% today. If broader crypto weakness continues, XRP may test lower support. Conversely, Paxos support could improve sentiment over time. For now, traders remain cautious.