Ripple expands RWA partnership, XRP extends losses
At XRP Ledger APEX 2024, Ripple and Archax expanded their Real World Asset tokenization partnership.
The FCA-regulated digital securities market might enable RWA projects transfer assets to XRP Ledger.
In its sixth day of losses, XRP fell over 8% to $0.48 on Friday.
Ripple (XRP) expanded its partnership with FCA-regulated digital securities exchange Archax. This partnership focuses on Real World Asset (RWA) tokenization, an emergent ecosystem story.
Archax will introduce projects to the XRPLedger, tokenizing millions of assets and improving Ripple's blockchain.
XRP struggles to close above psychological barrier at $0.50. The cryptocurrency lost approximately 8% on Binance in the previous week.
Ripple's statements at its annual conference XRP Ledger APEX 2024 are driving XRP's market movement in the absence of SEC litigation updates.
XRP holders await a court verdict. Ripple's letter supporting its petition to seal critical financial papers from the payment remittance service is the latest action.
The latest filing was May 29, 2024.
Ripple announced an expanded partnership with Archax, a regulated exchange, to bring RWA projects to the XRP Ledger at APEX 2024. Tokenizing millions of dollars in real-world assets on the Ledger will improve Ripple's usefulness.
Ripple began falling on March 12. From $0.7440 on March 11 to $0.4188 on April 13, the cryptocurrency has fallen. Technical indications suggest Ripple might fall another 3% to $0.4665, its April 19 low.
The Moving Average Convergence Divergence (MACD) indicator displays red histogram bars beneath the neutral line, indicating XRP price momentum is negative. The signal line crossed MACD on Thursday, June 6, confirming the fall.
If a daily candlestick closes above $0.4955, the 23.6% Fibonacci retracement level of the slide between March 11 and April 13, the bearish thesis may be disproved.
