Ondo Price Jumps 6% Following Ripple Partnership – Bulls Target $2 Milestone
Highlights:
- Ondo price skyrockets 6% to $1.41, despite the whole market undergoing a blood bath.
- This comes following ONDO’s groundbreaking partnership with Ripple to revolutionize institutional finance.
- The recent partnership promises enhanced liquidity and security, leveraging XRPL’s infrastructure designed for institutional adoption.
The ONDO price boasts a splendid bullish muscle amid an ongoing blood bath in the crypto market, rising 6% to $1.41. The spike in interest has seen the trading volume skyrocket by 31% to $448.42 million, indicating increased investor confidence.
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The recent rise in Ondo’s price is due to ONDO’s groundbreaking partnership with Ripple to bring their tokenized U.S. Treasury fund, OUSG, to the XRP Ledger (XRPL). Ondo Finance is deploying $185M in tokenized Treasuries on XRPL, backed by BlackRock’s BUIDL fund.
We are bringing OUSG to the XRP Ledger with @Ripple.
OUSG, an institutional-grade product backed by tokenized US Treasuries and BlackRock’s BUIDL fund, represents a natural fit for a blockchain purpose-built for institutional adoption.
See how Ondo and Ripple are powering… pic.twitter.com/pLjZnvbmgc
— Ondo Finance (@OndoFinance) January 28, 2025
This integration promises enhanced liquidity and security, leveraging XRPL’s infrastructure designed for institutional adoption. Further, this move is anticipated to catalyze the adoption of real-world assets (RWA) in DeFi, showcasing the potential of tokenized securities in reshaping capital markets.
Ondo Statistical Data
Based on CoinmarketCap data:
- ONDO price now – $1.41
- Trading volume (24h) – $448.42 million
- Market cap – $4.45 million
- Total supply – 10 billion
- Circulating supply – 3.15 billion
- ONDO ranking – #32
ONDO Price Poised to Rally Above the Asymmetrical Triangle
Ondo is currently trading within a key price range, hovering near the 50-day moving average, coming from a critical support zone around $1.27, as highlighted on the daily chart. The price movement is confined within the asymmetrical triangle, with the lower boundary acting as a strong support and the upper boundary providing resistance at $1.49. This technical analysis suggests that the market is at a pivotal point with a potential bullish continuation.
The ONDO/USD daily chart shows that the price is gaining momentum, reflecting a medium-term bullish trend. The 50-day MA is trending above the 200-day MA, indicating a potential for further upward movement. The price is trading near the mid-level of the channel, with key supports around $1.27, $1.18, and $1.11.
However, for the bullish outlook to remain intact, the price must hold above the channel’s lower boundary, aligning closely with the support level. Meanwhile, the trading volume is surging, which may fuel the bull’s momentum to the upside. If the price closes above the $1.49 level, where the 50-day MA is currently located, it could further test the $1.64, $1.74, and $2 resistance levels.
Conversely, if the price fails to maintain this position and breaks below the $1.34 level, the price could revisit the lower channel boundary near $1.27 or lower. Therefore, traders should watch for a breakout or breakdown from the channel, which could signal the next significant price direction.
Technical Indicators Signal a Bullish Continuation
A closer look at the RSI above the 50-mean level at 52.84 indicates a surge in buying activity. Increased buying appetite at this level may cause the RSI to hurtle in the 70-overbought region, reinforcing the bullish sentiment.
Moreover, the MACD indicator calls for traders to rally behind the ONDO price, manifested by the blue MACD line (-0.0116) crossing above the orange signal line (-0.0288). As the MACD indicator hurtles towards the positive territory above the neutral level (0.000), the path with the least resistance stays on the upside.
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Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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