Ripple (XRP) Eyes New All-Time Highs Amid Dubai Real Estate Tokenization Project
Ripple’s XRP is on a bullish trajectory, aiming for new record highs. After a rebound from a support level of $2.80 on Tuesday, the cryptocurrency traded around $3.25 on Thursday. The short-term technical structure suggests the rally could approach its all-time high, which stalled at $3.29.
Technical Indicators Point to Further Gains
Key technical indicators support a bullish outlook, increasing the likelihood of XRP entering a new price discovery phase.
Ripple Partners with Ctrl Alt for Dubai Real Estate Tokenization
Ripple has announced a strategic partnership with Ctrl Alt, a tokenization infrastructure platform, to develop the first real estate tokenization project for the Dubai Land Department (DLD). Ripple will provide a secure and scalable blockchain infrastructure for tokenizing Dubai’s real estate property deeds.
Ripple is expanding the utility of the XRP Ledger (XRPL) globally, including key regions in Europe, the Middle East, Africa, Asia-Pacific, and Latin America.
“The DLD’s choice of XRPL for this is truly exciting and reinforces XRPL’s credentials as the blockchain of choice for serious financial use cases. We are delighted that Ctrl Alt has chosen our institutional-grade digital asset custody technology to support the delivery of this project,” said Reece Merrick, Ripple’s Managing Director for the Middle East and Africa.
Ripple’s recently launched XRPL EVM sidechain is gaining traction. According to RippleX, the sidechain protocol adoption is growing, with over 1,300 smart contracts deployed, more than 17,000 new addresses created, and over 160 tokens already launched.
Technical Outlook: XRP Bulls Target Record Highs
XRP’s price action indicates bullish signals that could close the gap to the all-time high of $3.40, reached in January.
- A Golden Cross pattern formed when the 50-day Exponential Moving Average (EMA) crossed above the 100-day EMA on Saturday.
- The Money Flow Index (MFI) indicates expanding demand for XRP, keeping the price elevated.
The MFI tracks the amount of money flowing into or out of XRP. The current position at 88 suggests significant interest in the cross-border money transfer token.
XRP is currently only 5% away from its all-time high. Reaching this level could propel the token into a new price discovery phase.
Potential Risks
The Relative Strength Index (RSI) trending upwards suggests the market is gradually overheating, potentially signaling a trend correction. Higher RSI readings above 70 often precede pullbacks due to profit-taking activities and changing market dynamics.
Traders will focus on XRP’s ability to break above the all-time high to confirm the bullish trend. However, a rejection could accelerate a drop of approximately 13% to the tested support at $2.80 on Tuesday.
Bitcoin, Altcoins, and Stablecoins – Frequently Asked Questions
Bitcoin
Bitcoin is the largest cryptocurrency by market capitalization, designed to serve as digital money. It cannot be controlled by any single entity, eliminating the need for third-party involvement during financial transactions.
Altcoins
Altcoins are any cryptocurrencies other than Bitcoin. Some consider Ethereum not to be an altcoin. Litecoin was the first altcoin, forked from the Bitcoin protocol.
Stablecoins
Stablecoins are cryptocurrencies designed to maintain a stable price, with their value backed by a reserve asset. The value of a stablecoin is often linked to a commodity or financial instrument, such as the US Dollar (USD). The main goal of stablecoins is to provide an on-ramp and off-ramp for investors trading and investing in cryptocurrencies.
Bitcoin Dominance
Bitcoin dominance is the ratio between Bitcoin’s market capitalization and the total market capitalization of all cryptocurrencies combined. It provides insight into investor interest in Bitcoin. High BTC dominance often occurs before and during a bull market, as investors turn to relatively stable, high-market-cap cryptocurrencies like Bitcoin. A drop in BTC dominance often signals investors are shifting capital to altcoins in search of higher returns.
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