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Bitcoin is up 8% from last week to trade at $97,542, while Ethereum rose 13% to $3,467. $XRP’s price pump today is driven by an announcement that Ripple’s XRP ledger is taking its first steps into the area of real-world asset (RWA) tokenization. RWA tokenization is the process of bringing traditional financial (TradFi) assets on-chain.
Ripple’s payments-friendly $XRP coin has surged 31% on last week and 11.8% overnight to outperform the market leaders Bitcoin ($BTC) and Ethereum ($ETH).
Perhaps “breakout” is a fitting term, because $XRP’s upward momentum this month is like nothing the coin has seen in the last 365 days. In fact, Ripple has been rallying pretty consistently for the last fortnight, leading to gains of 147% for holders.
That said, $XRP has been pumping all week and many are bullish about it, including crypto educator Steve Courtney who tweets under the handle @CryptoCrewU. Courtney on Saturday tweeted that we could see a breakout in the coming months looks similar to that of 2013-2017.
Alongside stablecoins, RWA tokenization is likely to be the biggest use-case for the technology among TradFi firms.
That said, $XRP has spent much of November so far in overbought territory. Today, $XRP’s relative strength (RSI) index is 55 and rising, which means buying momentum has picked up again in the hours following the RWA tokenization announcement.
To put that in context: at $XRP’s current price of $1.44 it is only about 132% higher than it was one year ago.