Ripple’s $10M Bet Aims to Tokenize US Treasury Bills: XRP Price to $1?

A brief sell-off on Wednesday curtailed the early-week XRP momentum, which topped out at $0.65. However, traders seem ready for another trend reversal, which could see Ripple price overcome resistance at $0.721 and rally to $1 in the wake of a gigantic investment in the real world (RWA) assets sector.

XRP Price Targets $1 As Ripple Turns To RWAs

Ripple is expanding into the cryptocurrency industry’s niche sectors, partnering with Open Eden Labs to merge the RWA sector and blockchain payments.

Open Eden believes that “one of the best use cases of tokenized money market funds such as $TBILL tokens is being utilized for payments.” This collaboration intends to achieve benefits in capital efficiency, yield enhancement, and risk management.

1/ We are delighted to announce our tokenized US Treasury bills ($TBILL) are now supported on the XRP Ledger (XRPL)!

TBILL tokens are now accessible by our app by qualified XRPL users who are accredited and institutional investors, via stablecoins including the upcoming Ripple… pic.twitter.com/IiPhVZMES7

— OpenEden (@OpenEden_Labs) August 1, 2024

Ripple has allocated $10 million to mint US Treasury bulls on the XRPLedger in support of the initiative. Open Eden boasts $90 million in total valued locked (TVL) tokenized US T-bills spread across Ethereum, Arbitrum, and XRPL.

XRP Price On The Cusp Of A Rebound

After traders bought XRP at $0.5325, it experienced a major recovery amid growing optimism about a settlement between Ripple and the Securities and Exchange Commission (SEC).

Despite the market’s volatility, XRP price still shows the potential to tackle the next barrier at $0.721. Should bulls overcome the seller congestion, a larger move to $1 will follow, keeping the course clear for a higher target of $1.23.

The Relative Strength Index (RSI) holds above 50 on the daily chart, implying bulls are trying to take over. In addition, the Awesome Oscillator is close to flipping zero, further signaling a strong bullish momentum.

Ripple price seeks support and a trend reversal from the weekly support/resistance at $0.5325, bolstered by potential buy-the-dip initiatives among traders.

Conversely, the likelihood of Ripple surpassing $0.7 significantly diminishes if the $0.532 support level is breached on the weekly timeframe. A potential 21% correction to the $0.422 support level could occur if sellers overcome this crucial support area.

Frequently Asked Questions (FAQs)

1. What is the RWA sector?

The RWA sector involves tokenizing real-world assets like real estate or stocks onto blockchains, creating digital representations for trading, fractional ownership, and increased liquidity within the crypto ecosystem.

2. How soon can XRP rally to $1

If sentiment continues to improve in the crypto market and traders rally behind XRP, investors can anticipate a rally to $1 in the coming weeks.

3. Will the correction continue to $0.422?

XRP is not completely out of the woods yet and there is still some amount of risk that could drive a correction to $0.422.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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