XRP price surged this week as the crypto market gained steam and after Ripple Labs made a major tokenization announcement. Ripple token jumped to a high of $3.033, its highest point since February 1, and over 80% from its lowest point this year.
Ripple Labs partners with Ctrl Alt
In a statement on Wednesday, Ripple Labs announced that it had partnered with Ctrl Alt, a top tokenization infrastructure platform in the Middle East.
The partnership will see the company use the XRP Ledger and its other asset custody technology to support the Dubai Land Department’s tokenization project. This technology will also be used to store title deeds being issued on the ledger.
Ctr Alt becomes the first Ripple’s partner in the United Arab Emirates and is a sign that the custody solution is gaining traction. In a note, Reece Merrick, the Managing Director of the Middle East and Africa at Ripple said:
“This is the first time a government real estate registration authority in the Middle East has tokenized property title deeds on a public blockchain. That the DLD has chosen the XRPL for this is really exciting and reinforces the XRPL’s credentials as the blockchain of choice.”
The partnership can after Ripple USD (RLUSD) received the green light by the Dibai Financial Services Authority (DFSA) to operate in the country.
Ripple Labs has made key partnerships
The news came as Ripple Labs has made more notable announcements in the past few months. For example, the company recently selected Bank of New York Mellon to offer custody services for its Ripple USD (RLUSD) stablecoin, which has over $500 million in assets today.
Ripple Labs also applied for a national bank charter. If approved, it will likely move its custody solutions from BNY to its own operations to save operational costs over time.
Ripple also partnered with Mercado Bitcoin, which plans to tokenize over $200 million in permissioned real-world assets. This is a notable move because Mercado has become one of the biggest players in the tokenization of private credit assets.
Ripple Labs has made other notable announcements in the past few months. Some of the most notable partnerships are with Tenity, OpenPayd, Braza Group, and Guggenheim Foundation.
The other notable news was Ripple’s buyout of Hidden Road, one of the biggest prime brokers in the crypto industry in a $1.2 billion deal. It aims to process $10 billion a day in transactions on the XRP Ledger.
These partnerships explain why the total assets in the XRP Ledger is growing. It has a total value locked of over $77 million, up by 25% in the last 30 days.
XRP price technical analysis
The weekly chart shows that the XRP price bottomed at $0.3758 in July last year and then staged a strong bull run to a record high of $3.40 in January.
It then pulled back to a low of $1.6054 on April 7 as the crypto market crash continued. It has now bounced back and risen in the last four consecutive weeks.
The token has remained above the 50-week and 25-week moving averages, a sign that bulls are in control. It has also moved above the lower side of Andrew’s pitchfork tool.
Therefore, the token will likely continue rising as bulls target the year-to-date high of $3.4. A move above that level will point to more gains, with the next point to watch being at $5.
The post XRP price prediction as Ripple partners with Dubai’s Ctrl Alt appeared first on Invezz