XRP price just 5% from record high 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's (XRP) uptrend paces toward new all-time highs, but is trading at around $3.25 on Thursday, after a remarkable recovery from a support level tested at $2.80 on Tuesday. The international money transfer token'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.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
