Home / Business and Economy / Ripple Prime Raises $275M Amid XRP Surge
Ripple Prime Raises $275M Amid XRP Surge
23 Aug
Summary
- Ripple Prime secured $275 million in senior notes.
- XRP whales acquired over 300 million tokens recently.
- XRP broke through a $1.155 sell wall with further resistance ahead.
Ripple Prime has successfully closed an upsized private placement of senior unsecured notes, raising $275 million. This debt financing, rated BBB by KBRA, is intended for working capital and the expansion of its US business operations. Ripple Prime, formed from a previous acquisition, processes over $3 trillion annually for more than 300 institutional clients across various financial markets.
This corporate development coincides with a notable surge in XRP's market performance. XRP's price increased approximately 18% in 24 hours, trading around $1.22. On-chain data indicates that large holders, or 'whales,' have accumulated over 300 million XRP tokens within a 96-hour timeframe. XRP has also managed to breach a significant sell wall located near $1.155.
