XRP price accelerates toward new highs as Ripple eyes Dubai’s tokenized real estate market
- XRP surges toward its all-time high of $3.40 as altcoins begin to show bullish signals.
- Ripple partners with Ctrl Alt to support the Dubai Land Department’s real estate tokenization project.
- Ripple’s XRPL EVM Sidechain gains momentum, with 1,300 smart contracts deployed and 160 tokens launched.
Ripple (XRP) continues to sustain the uptrend, trading at around $3.24 on Thursday, following a remarkable recovery from a support level tested at $2.80 on Tuesday. XRP’s short-term technical structure backs the rally, which closed in on the record high but stalled at $3.29.
Key technical indicators showcase a bullish case, increasing the likelihood of XRP launching a fresh price discovery phase.
Ripple to support Dubai’s tokenized real estate project
Ripple has announced a strategic partnership with Ctrl Alt, a leading tokenization infrastructure platform, to build the Dubai Land Department’s (DLD) first real estate tokenization project. According to the announcement, Ripple will provide a scalable and secure blockchain infrastructure for the tokenisation of Dubai’s real estate title deeds.
Ripple has been expanding the XRP Ledger’s (XRPL) custody utility globally, including key regions such as Europe, the Middle East and Africa, Asia-Pacific and Latin America.
“The DLD choosing the XRPL for this is really exciting and reinforces the XRPL’s credentials as the blockchain of choice for serious financial use cases. We’re delighted that Ctrl Alt has chosen our institutional-grade digital asset custody technology to support the delivery of this project,” Ripple’s Managing Director, Middle East and Africa, Reece Merrick, said.
As Ripple expands into the Middle East’s real estate industry, its recently launched XRPL EVM Sidechain has been gaining tremendous traction. In a post published by RippleX, the sidechain protocol’s adoption is growing, with over 1,300 smart contracts deployed in addition to more than 17,000 new addresses created and over 160 tokens already launched.
Technical outlook: XRP bulls aim for new record highs
The XRP price is showing bullish signs that could see the gap to the record high of $3.40, reached in January, closed. In addition to a Golden Cross pattern established when the 50-day Exponential Moving Average (EMA) crossed above the 100-day EMA on Saturday, the Money Flow Index (MFI) indicator highlights that demand for XRP is expanding, and keeping the price elevated.
The MFI tracks the amount of money entering or leaving XRP, with the current position at 88 suggesting interest in the cross-border money remittance token is significantly high.
Currently, XRP is only 5% away from its record high, which, if reached, could propel the token into a new price discovery phase.
XRP/USDT daily chart
Still, the upward-looking Relative Strength Index (RSI) suggests that the market is gradually overheating, which could signal a trend correction. Higher RSI readings above 70 are often a precursor to pullbacks, due to the potential profit-taking activities and changing market dynamics.
Traders will focus on the ability of XRP to break above the record high to affirm the uptrend. However, a rejection could accelerate the decline by about 13% to the support tested at $2.80 on Tuesday.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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