Ripple announced a new partnership on November 25th with Archax to bring access to abrdn Money market fund on the XRP Ledger. The new collaboration will see the first-ever tokenized money market fund on the XRP Ledger being available.
The partnership also comes with the backdrop of XRP prices rising over 3%. At the press time, the coin is trading at $1.48, up over 3.8% as compared to the same time last day.
XRP Ledger To Have Tokenized Money Market Fund
According to the official announcement, the first digital asset exchange governed by the FCA, Archax, has made a money market fund from a UK asset manager abrdn accessible on the XRP Ledger in tokenized form.
The fund is a component of the £3.8 billion US dollar Liquidity Fund (Lux) fund of ABRDN. It is the first tokenized money market fund on the XRP Ledger, further solidifying its position as one of the top blockchains for institutional decentralized finance (DeFi) and real-world asset (RWA) tokenization.
Ripple To Invest $5 Million Under Partnership
Under the partnership, Ripple will invest $5 million in tokens to the Lux fund of ABRDN. The portion that Ripple has allotted to RWAs on the XRP Ledger comes from a variety of asset managers and is a portion of a larger fund.
“The arrival of abrdn’s money market fund on XRPL demonstrates how real-world assets are being tokenized to enhance operational efficiencies, while further reinforcing the XRPL as one of the leading blockchains for real-world asset tokenization,” said Markus Infanger, Senior Vice President, RippleX.
He adds, “There is no question that the on-chain economy is gaining traction. By working with companies like Archax, we are excited to help financial institutions like abrdn to seize the incredible opportunity represented by blockchain and digital assets technology to deliver utility at scale.”
XRP Price: Bullish Trajectory Likely To Continue
With the rise in the overall crypto market, XRP has followed suit to see an upwards trajectory in the past couple of weeks.
Additionally, the statement that the SEC chair will be resigning in 2025 and the news that Trump will likely bring better crypto reforms has also kept XRP investors happy.
These developments have kept XRP price sentiment bullish and the Fear & Greed Index is currently at 82 (Extreme Greed).
Over the previous 30 days, XRP had 19 out of 30 (63%) green days and 41.87% price volatility. With more green days than red, investors have shown a strong bullish turn towards XRP.
This momentum has kept 28 technical analysis indicators indicating in the optimistic signal range and only four under the negative signal range.