XRP supports the bullish trend above $3.11 backed by risk-on sentiment.
Ripple has collaborated with DBS Bank and Franklin Templeton to provide trading for the tokenized money market fund backed by RLUSD.
DBS Digital Exchange will list the stablecoin RLUSD and Franklin Templeton fund, enabling clients to manage digital asset portfolios.
Ripple's price ($XRP ) recorded upward momentum above $3.11 on Thursday, supported by a 25 basis point rate cut from the U.S. Federal Reserve on Wednesday.
The widely expected rate cut has significantly improved risk-on sentiment, but what has caught investors' attention is the dot plot, which showed that most Federal Reserve policymakers expect to cut rates in all remaining meetings this year.
XRP shows a bullish outlook in the short term, as bulls monitor a breakout toward its all-time high of $3.66, reached on July 18.
Ripple, DBS, and Franklin Templeton collaborate on tokenized money market fund trading
Ripple, DBS Bank, and Franklin Templeton signed a memorandum of understanding paving the way for the development and launch of trading and solutions backed by tokenized money market funds (MMFs) and stablecoins.
This collaboration benefits key players in the banking system and the investment management sector, as well as institutional blockchain technology and related cryptocurrency solutions. Ripple reported that "about 87% of institutional investors expect to make investments in digital assets by 2025."
As part of the project, DBS Digital Exchange (DDEx) will list sgBENJI - the Franklin Templeton tokenized fund, Franklin On-Chain Short-Term US Dollar Fund, alongside Ripple USD (RLUSD).
This setting will allow eligible customers to trade RLUSD against sgBENJI tokens, ensuring portfolio rebalancing within minutes while maintaining yield during volatile periods.
Roger Bayston, head of digital assets at Franklin Templeton, said, "By leveraging Franklin Templeton's expertise in blockchain technology and digital assets, we are excited to collaborate with DBS and Ripple to provide advanced trading and lending solutions for investors."
Meanwhile, retail demand for $XRP is increasing, with the average open interest (OI) in futures at $8.79 billion on Thursday, up from $7.37 billion on September 7.
If open interest, which indicates the nominal value of outstanding futures contracts, continues to rise in the coming days, it will signal that more traders are betting on short-term price increases for XRP.
The risk-on sentiment supports the recovery of XRP's price, as the path of least resistance remains upward.
Open interest in XRP futures | Source: CoinGlass
Technical outlook: XRP gains upward momentum
$XRP remains above $3.12 at the time of writing on Thursday, supported by a strong technical structure. The pessimistic quantitative outlook provided by the Federal Reserve on Wednesday improved risk-on sentiment, leading to steady demand for XRP.
Bulls have the upper hand based on the relative strength index (RSI) position at 60 and rising. Higher RSI readings approaching overbought territory indicate a growth in upward momentum, as bulls look toward the all-time high of $3.66.
The daily chart for XRP/USDT
Key areas of interest for traders are the short-term obstacle at $3.18, previously tested on Saturday, the supply zone around $3.35, which was tested in mid-August, and the all-time high at $3.66. Conversely, if profit-taking takes center stage, price corrections will meet support from the 50-day exponential moving average (EMA) at $2.95 and the 100-day exponential moving average at $2.82.
#Xrp🔥🔥 #BinanceXRP #BinanceSquareFamily #BinanceSquare #Write2Earn