Key Highlights
- SoFi Technologies now supports XRP deposits along with Bitcoin, Ethereum, and Solana.
- Users can directly perform operations such as purchasing, selling, storing, and depositing XRP through the platform itself.
- No information was provided regarding any kind of restrictions or charges on XRP deposits.
SoFi Technologies, a U.S.-based fintech platform offering crypto trading services, has expanded its list of supported cryptocurrencies by adding XRP deposits. The platform now allows users to deposit, purchase, sell, and store XRP alongside cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
In an announcement shared on X today, SoFi introduced XRP to its platform as a way to enable consumers to manage all aspects of their finances, including crypto. However, the company did not provide details on deposit limits or potential changes to trading fees.
SoFi has been in the cryptocurrency industry for some years now and has incrementally increased the number of cryptocurrencies available to its retail clients.
XRP network developments
In a separate advancement of XRP, Ripple has outlined a four-phase plan to ensure quantum resistance of the XRP Ledger by 2028.
The roadmap, presented by RippleX’s Head of Engineering Ayo Akinyele, details a transition toward post-quantum cryptography over time. This follows research from Google Quantum AI suggesting that current elliptic curve cryptography could be more vulnerable than previously estimated.
The difficulty here lies in the fact that the XRPL is a functioning network that settles transactions in as fast as 3-5 seconds and holds about $80 billion worth of value in its blockchain. It is expected to make the switch without any hitches.
XRP price movement
At the time of writing this, XRP is trading around $1.43, being 0.22% down in the past 24 hours and 5.36% up in the past week, as reported by CoinMarketCap. The intraday high was witnessed at $1.45, and the lows were at $1.42.
With various regulatory shifts and geopolitical tensions in the Middle East, the token remains 62.8% down from its all-time high of $3.84, hit on January 4, 2018. The technical analysis suggests the 30-day moving average on the Fibonacci scale hits first and second resistances at $2.36 and $3.15 if the price momentum remains positive.
On the contrary side, if the price momentum goes negative, the first and second support zones would be at $1.56 and $1.07, respectively.
Expansion of crypto services
The development comes amid the continued testing or expansion of cryptocurrency services by certain traditional financial institutions in light of changing U.S. regulatory frameworks. This decision follows those of other fintech and banking platforms, which have sought to incorporate crypto exposure into their portfolios in the wake of regulation.
The integration of the XRP deposits means that the customers who already use the services of SoFi will now have an additional avenue through which to manage their digital currencies, along with their regular banking transactions. It should be noted that the impact on compliance expenses or customer verifications was not addressed.
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