XRP, the fourth-biggest cryptocurrency in the market, is up by nearly 2% in the past 24 hours, trading at a market price of $2.32. The XRP price trend gains momentum as Ondo Finance launches U.S. Treasuries on the Ripple’s XRP ledger. With the boost in adoption, the short-term recovery in XRP hints at an extended rally, as so does the Ondo token price, aiming for a trendline breakout.
Ondo Finance’s Tokenized US Treasuries Live on XRP Ledger
In a recent announcement on Ripple’s blog on June 11, Ondo Finance has launched its flagship tokenized US Treasuries product, OUSG, in the XRP ledger, a public blockchain powered by Ripple. This is a major step in the institutional adoption of Ripple and its product in the decentralized finance world.
With the tokenized US Treasuries launching on Ripple’s XRP ledger, institutions will now have exposure to low-risk, short-duration treasury bills, while the XRP ledger blockchain will provide low transaction costs and fast settlements.
XRP Price Analysis
As the new adoption fuels the bullish sentiment surrounding Ripple, XRP price has surged by nearly 1% on Wednesday. With multiple lower-priced rejection candles, the breakout rally of a falling wedge pattern gains traction on the daily price chart.
XRP price chart
As per the Fibonacci levels, the XRP price breakout rally is aiming to challenge the 50% Fibonacci level at $2.54, while the lower support remains at the 23.60% level at $2.14.
Supporting the bullish trend, the MACD and Signal line have given a positive crossover, while the RSI line at 54, crossing above the halfway level, suggests a surge in bullish momentum. Hence, the technical indicators highlight a path of reach resistance upwards, aiming for a price target of $2.54.
ONDO Price Analysis
Similar to XRP price, the ONDO token price witnesses a V-shaped reversal over the past few days, nearing the 23.60% Fibonacci level at $0.91. However, the intraday pullback of 0.76%, despite a lower price rejection, reflects a weakness in the bullish trend.
ONDO price chart
As the uptrend halts, the price action analysis reveals a confluence of resistance of a long-standing resistance trend line and the 23.60% Fibonacci level. Despite the strong headwinds, the technical indicators support a positive, optimistic viewpoint.
The RSI line at 51 spikes above the halfway level, suggesting a surge in bullish momentum, while the positive crossover in the MACD and signal lines are triggered by a signal.
A potential closing above the 23.60% Fibonacci level could extend the bullish trend to a 50% level at $1.13. On the flip side, the crucial support remains the $0.75 mark, followed by the support level at $0.70, highlighted by the lowest closing price in April.
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