- Ripple and OpenEden Launch Initiative
- Macroeconomic Situation and its Impact on the Crypto Market
- XRP Price Consolidation
Ripple increases its platform's functionality by adding tokenized US Treasury bonds to the XRP Ledger (XRPL) in partnership with OpenEden.
Ripple and OpenEden Launch Initiative
Ripple and OpenEden, a leading supplier of tokenized real-world assets (RWA), have offered XRPL holders access to short-term government debt obligations backed by the US Department of the Treasury. This initiative also facilitates greater institutional adoption of DeFi solutions.
Macroeconomic Situation and its Impact on the Crypto Market
Recent macroeconomic data shows that US job numbers for August were lower than expected, leading to a drop in the price of Bitcoin (BTC). Additionally, the delay in the $125 million settlement payment between the SEC and Ripple has caused investor concern. Attorney Fred Rispoli reports that the likelihood of an appeal is high in this case. According to Santiment data, increasing interest from large investors who have amassed 9.56 billion XRP might suggest the end of a possible bottom-up trend.
XRP Price Consolidation
At the time of writing, XRP is trading at $0.526, down 0.60% in the last 24 hours. The trading volume is down 57.06%. On a monthly time frame, the price is down 10%, highlighting ongoing bear dominance. The price lately found support at $0.51 level after facing intense selling pressure. The brief rebound faced short-term resistance at $0.53 level. The XRP price is currently consolidating without a clear direction. If the price drops below $0.49, it will likely decline further to test the $0.42 support level. Conversely, if the price climbs above $0.56, it will likely test the $0.63 resistance level.
Ripple's initiatives and macroeconomic factors continue to impact the crypto market and XRP price. Institutional investments and macroeconomic data play crucial roles in the future development of XRP and its functionality.
Comments