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.
Ripple price chart | Tradingview
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.
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