- Ripple continues to push tokenization on the XRP Ledger, and at its London Tokenisation Policy Summit, this $16 trillion opportunity was the main focus.
- Following a 4.5% surge in the past day, XRP has hit $34.1 billion in market cap, overtaking the second-largest stablecoin USDC and becoming sixth on the charts.
Tokenization as the killer app for blockchain has been the running narrative for years now, and with some of the world’s biggest companies making major moves in this sector, it’s becoming a reality. Data suggests that tokenized assets have hit $3.5 billion today, and experts predict a $16 trillion market by 2030.
Ripple has emerged as a leader in this field, with the XRP Ledger (XRPL) expanding quickly to accommodate dozens of tokens. The California company has also been conducting mass education campaigns and developer upskilling to anchor this new industry. This includes organizing the London Tokenisation Policy Summit in partnership with the Imperial College Business School’s Centre for Financial Technology.
According to a recent blog post, the attendees—who included top thought leaders in academia, regulators, and industry heads—concurred that blockchain must push tokenization. The blog concluded:
One thing is abundantly clear: tokenization is more than just a buzzword, it’s a rapidly growing movement that is poised to reshape the financial landscape.
At the highest level, using the tokenization process to improve efficiencies and interoperability between countries could significantly cut into the 5–6% of global GDP lost every year to friction in the system, boosting overall long-term revenue for every market participant.
With a stablecoin on XRPL coming later this year, the asset tokenization on the XRP ecosystem is poised to explode.
XRP Overtakes USDC
XRP trades at $0.6106, gaining 4.5% in the past day to hit $34.1 billion in market cap, eclipsing USDC, the second-largest stablecoin in the market to become the sixth-largest crypto overall.
XRP has recently been on a roll, gaining 14% in the past seven days and 52% since hitting a monthly low of $0.4 three weeks ago. The continued rise is attracting investors, with the trading volume surging 44% in the past day to hit $1.83 billion, the eighth-highest in the market.
Analysts point out that the current bullish pattern is just the beginning. XRP has been stuck on a multi-year falling wedge pattern since 2020. This has limited its price movements, and as other major tokens like Bitcoin set new all-time highs this year, XRP only recorded modest gains.
However, as the chart below shows, this is about to change. Once the two trendlines converge, XRP will break out of this pattern and the upside is unlimited. Analyst Javon Marks is uber-bullish, telling his 40,000 Twitter followers, “With continued market strength, this can successfully happen and open up room, with a full Logarithmic Follow-Through for an over +41,400% run into $150+.”
This is not the first time XRP has recorded a similar multi-year falling wedge pattern. The token was caught up in a similar pattern starting in 2014. It finally broke free in 2017, leading to a massive rally that ended with XRP hitting its all-time high of $3.84 in Jan. 2018.
As we reported recently, a few other analysts have drawn similarities between the current market and the 2017 bull run.
