Ripple Custody Backs XRPL Tokenization Amid Market Struggles

Ripple Custody, a subsidiary of American fintech firm Ripple focused on the custody of its customers’ assets, has announced support for XRP Ledger tokenization features. According to crypto lawyer Bill Morgan, these features will also involve XRP tokens, increasing the adoption of the digital asset.

In a press statement, Ripple Custody confirmed that businesses will be able to tokenize and manage a number of assets, including real-world assets (RWAs), cryptocurrencies, and fiat currencies while also “facilitating digital asset issuance and secure transfers directly from its platform.”

Aaron Slettehaugh, the SVP of Product at Ripple, stated that his firm is gearing up “to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody” while adding that Ripple will offer its customers a single platform for safeguarding and managing digital assets.

Morgan shared the announcement on X (formerly Twitter), and crypto investor Kashta questioned the benefit of XRPL’s integration into Ripple Custody. Kashta also ridiculed Morgan for lowering the bar for XRP adoption to such a level that the lawyer considered Ripple’s adoption of its own asset a bullish event.

It is important to note that the XRPL integration also provides access to the XRPL’s native decentralized exchange (DEX) for “efficient, low-fee trading of any tokenized asset.”

XRP Token Fails to Reclaim $0.6

The XRP token fell from the $0.6 price level in September and has failed to reclaim that price level since then. At the time of writing, XRP is trading at a price of $0.5467, down 6.52% in the past 30 days. However, the digital asset has risen 1.70% in the past week and 0.02% in the last 24 hours.

Read also: XRP ETF Approval Could Spark Broad Crypto Market Rally

The altcoin is trading at a discount of 85.8% from its all-time high of $3.84 in 2018. XRP is the seventh-largest digital asset and has a market cap of $31 billion. The trading volume of the digital asset has dropped 22.54% to $943 million in the past 24 hours.