XRP Ledger: A New Frontier for Precious Metals Tokenization?

• XRP’s downtrend may be weakening, but technicals suggest further downside is possible.
• Meld Gold’s planned launch of gold and silver stablecoins on the XRP Ledger could boost XRP.
• Ripple is exploring tokenization opportunities on XRPL, potentially integrating precious metals.

A significant development on the XRP Ledger could potentially change the narrative for XRP investors. Australian firm Meld Gold is set to launch two new stablecoins, bringing fungible gold and silver assets to the XRP ledger in Q3 2024.

Ripple’s president announced that the firm is actively exploring various opportunities for tokenization on XRPL. This integration of precious metals with blockchain technology could provide a bullish catalyst for XRP, even as technical indicators suggest a weakening bearish trend.

XRP has declined for the past week, but there are signs that the downtrend may be losing momentum. The chart below shows a one-week candlestick chart for XRP with a Heikin Ashi overlay. Heikin Ashi candlesticks reduce choppiness and market volatility, making trends easier to see.

Source: Brett Hill

XRP’s recent downtrend is indicated by the series of lower lows and …

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