XRP Surges 6.6% as CoinDesk 20 Index Climbs

XRP Gains 6.6% as CoinDesk 20 Index Trades Higher

XRP, the native token of Ripple Labs, has surged by 6.6% in the past 24 hours, leading the CoinDesk 20 Index higher. This bullish momentum is driven by strong confidence and interest from traders and investors.

According to on-chain analytics firm CoinGlass, traders and investors have been accumulating XRP as its price dips, with a significant outflow of $45 million worth of XRP from exchanges in the past 24 hours. This substantial outflow could create buying pressure, leading to further upside momentum.

Crypto whales have also purchased a significant 120 million XRP tokens during the recent price dip, indicating strong investor interest. However, these notable outflows from exchanges were observed when XRP was at the lower boundary of the falling parallel price action pattern, leading to a breakout from this bullish pattern.

XRP is currently trading near $3.18 and has experienced a price surge of over 7.5% in the past 24 hours. This strong upside momentum amid the bearish market sentiment has resulted in a breakout of the bullish flag and pole price action patterns on the four-hour time frame. Considering the current price action and recent whale activity, XRP could breach the trendline resistance and potentially soar by 40% to reach the $4.45 level.

Ondo Finance to Launch Tokenized US Treasury Fund on XRP Ledger

Ondo Finance has announced plans to launch its tokenized US Treasury fund, Ondo Short-Term US Government Treasuries (OUSG), on the XRP Ledger (XRPL) within the next six months. This deployment represents a major leap in advancing institutional-grade financial solutions and marks the collaboration of Ripple and Ondo Finance to seed liquidity for OUSG at launch.

Ondo Finance’s tokenized treasury fund will leverage XRPL’s infrastructure to bridge the gap between decentralized finance (DeFi) and traditional finance (TradFi). XRPL’s focus on TradFi and established institutional relationships create a solid foundation for OUSG, while OUSG will introduce institutional investors to a high-quality, yield-bearing US Treasury fund on XRPL.