RIPPLE OFFERED TO BUY CIRCLE FOR $5 BILLION!

HERE'S WHAT HAPPENED!

Ripple's $5 billion offer to buy Circle, the issuer of the USDC stablecoin, was rejected. Here's what happened :

-The Offer: Ripple offered between $4 billion to $5 billion to acquire Circle, aiming to expand its presence in the stablecoin sector and boost its RLUSD token.

The Rejection: Circle declined the proposal, citing that the valuation didn't reflect its growth potential and IPO ambitions. The company is preparing for an NYSE listing and has partnerships with major financial institutions like Visa and Mastercard.

Circle's Valuation: Circle was valued at $9 billion in a 2022 SPAC deal attempt and is now seeking a valuation between $4 billion to $6 billion for its IPO.

Ripple's Response: Ripple remains interested in a deal but hasn't decided whether to make another offer. The company has been expanding its presence in blockchain payments and stablecoins, recently acquiring prime brokerage Hidden Road for $1.25 billion.

Impact on XRP: The rejection of the deal, combined with regulatory uncertainty and SEC delays on ETF decisions, led to a 2.6% drop in XRP price, which fell below $2.20 and its market capitalization slipping below $130 billion.

Key Players and Their Moves:

Ripple: Seeks to expand in stablecoin market, recently launched RLUSD token.

Circle: Focused on IPO plans, valued at $9 billion in 2022, and maintains strong presence in US and Europe.

USDC: Second-largest stablecoin issuer, with $62 billion in circulation, rivaling Ripple's RLUSD token#BTCRebound #XRPETFs #xrp $XRP