Ripple (XRP) bulls are struggling to regain momentum after media stories on June 30 claimed Citigroup is likely to be reconsidering its partnership with Metaco — an organization Ripple Labs just lately acquired for $250 million.
Bulls lose momentum
Ripple’s native token XRP had been on a gentle pump for nearly two months. It hit a excessive of $0.54 due to a number of constructive developments and trade expectations that its case with the SEC would finish favorably.
Nevertheless, the momentum started sputtering out by mid-June, and the token fell as little as $0.31 on June 14 following the SEC’s crackdown on the crypto trade within the U.S. by way of lawsuits in opposition to Binance.US and Coinbase.
Bulls managed to regain a number of the momentum final week and have been on monitor to reclaim the earlier excessive of $0.54 earlier than the Citigroup information led to a pointy sell-off — inflicting the value to crash to $0.42, primarily based on CryptoSlate information.
Since then, the token has considerably recovered to $0.47, as of press time, however is struggling to push additional as bears at the moment are firmly in management.
Citigroup will probably drop Metaco
Bloomberg Information reported June 30 that Citigroup has launched a evaluate of its partnership with crypto custodian Metaco and will probably substitute the agency as its supplier.
Individuals conversant in the matter advised the newswire that the Wall Road big had already begun the hunt for a brand new supplier. In response to the report, it’s unclear whether or not the evaluate is linked to Ripple.
Citigroup entered a partnership with Switzerland-based Metaco in June 2022 and mentioned the latter would assist it “develop and pilot” digital asset custody capabilities.
The lender mentioned on the time that it meant to combine Metaco’s Harmonize platform inside its personal companies to supply its clients digital asset custody and settlement companies.
The partnership additionally aimed to develop tokenization and custody options for conventional property like securities.
Metaco additionally counts main European banks amongst its companions, together with Societe Generale and BNP Paribas. The latter confirmed that its partnership with Metaco stays “operational.”
Metaco, Ripple and Citigroup didn’t reply to a request for remark as of press time.
The publish Ripple bulls lose all momentum amid stories of Citigroup reconsidering Metaco deal appeared first on CryptoSlate.
