Mercado Bitcoin will tokenize over $200 million in real-world assets using XRP Ledger as part of its global expansion strategy.
The XRP Ledger was selected for its scalability and efficiency in managing permissioned digital financial products.
XRP traders are closely monitoring the $2.38 resistance level, which could signal the start of a new upward price trend.
Mercado Bitcoin, one of the largest digital asset platforms in Latin America, has announced a major tokenization initiative on the XRP Ledger. The company plans to tokenize over $200 million worth of permissioned real-world assets, including fixed-income and equity income instruments. This marks a significant expansion in its strategy to provide regulated digital investment products across South America and Europe.
It is envisaged that the project that will be conducted via the XRP Ledger will expand the availability of traditional assets digitally. Mercado Bitcoin will enhance efficiency and decrease cost by utilizing the infrastructure available in the XRPL in asset trading. This step also aligns with its internationalization strategy to diversify the audience and expose asset-backed tokens to more consumers on both institutional and retail scales.
XRP Ledger Goes Institutional
The part that the XRP Ledger is playing in this major endeavor speaks of increasing demand in institutional blockchain-driven tokenization. It has a capability of facilitating quick and cheap payments, and this has made its platform a suitable avenue to regulated financial products. Introducing permissioned assets that are issued across the real world onto XRPL would allow the latter to be used as something other than a remittance and cross-border payments means.
Following the announcement, XRP's trading volume neared the $5 billion mark again. Although the price of XRP dipped slightly to $2.22 in the past 24 hours, market participants are watching closely for a breakout. Analysts have pointed to the $2.38 level as a key resistance point. This level aligns with the daily 200-SMA and has historically limited price gains since late May.
Key Resistance Level Under Focus
Crypto market analyst Ali identified $2.38 as a potential trigger point for XRP. If XRP crosses this level, it could open the path toward $2.65 and eventually retest the $3 mark. With rising interest in tokenized assets on XRPL, this technical level has gained increased attention among traders.
https://twitter.com/ali_charts/status/1941202600340422876
As Mercado Bitcoin advances its tokenization rollout, the utility of XRPL is expected to grow. A consistent increase in real-world asset projects could drive organic demand for XRP. Market watchers are now focusing on whether the increased use of XRPL for financial products will help XRP sustain long-term price momentum.
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