The XRP Ledger (XRPL) reached a new milestone, reaching $3 billion in total tokenized value on the network. Cryptocurrency expert X Finance Bull highlighted the importance of this milestone, although it seems unlikely to have any impact on the price for now.
XRP Ledger Reaches $3 Billion in Total RWA Value
According to data from RWA.xyzThe XRP Ledger has reached $3 billion in total RWA value, representing a 59% increase in the last 30 days. The network currently has 291 RWA projects online. Crypto expert X Finance Bull took note that in a market where people still act like it doesn’t matter, money still finds its way to chains built for real finance.
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The crypto expert reiterated that institutions are not speculating, but moving towards infrastructure they can actually use. In the second X postcited X Finance Bull Ripple CEO Luke Judgeswho said that the total tokenized RWA value on the XRP Ledger is already close to $3.75 billion.
The expert noted that the goal is for the XRP Ledger to be the first in total RWA value, while the network is currently in 5th place. Ripple is currently one of the projects that tokenizes on the XRP Ledger with its own RLUSD stable coinwhose total online value is nearly $382 million.
Ondo Finance has also tokenized its short-term Treasuries on the XRP Ledger, totaling $323 million. Justtoken’s JMWH is the largest tokenized asset on the XRP Ledger with a total value of $1.76 billion. The token represents real energy-backed transactions. Justtoken also focuses on the tokenization of several commodities.
The milestone is unlikely to affect the price of XRP for now
Crypto analyst Egrag Crypto stated that XRP’s wave 2 move to the downside is not over yet, signaling that this is it XRPL milestone it is unlikely to affect the price for now. The analyst also mentioned that the market is not done dealing with weak hands, as XRP’s momentum is still slowing and the structure is weakening.
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Commenting on the current price action, Egrag Crypto stated that XRP is within the red flag zone between $1.46 and $1.80. The key levels to watch are $1.46 (immediate support), $1.13 (confirmation of breakdown) and $0.90 to $0.73 (probably ending wave 2). The analyst noted that the bearish path is preferred for now.
As such, XRP’s loss of $1.46 is likely to trigger a further decline towards $1.13 and then a drop below $1. This is expected to trigger a pre-expansion wave 2 deep reset. Meanwhile, a bullish reversal will occur if XRP recovers the $1.80-$2 range and closes weekly above it. This will then lead to the extension of wave 3, with targets of $5, $8 and $13.
At the time of writing, the price of XRP is hovering around $1.39, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
