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XRP continued its rally on Monday after it was announced that Nasdaq would file a groundbreaking proposal with the U.S. Securities and Exchange Commission (SEC) to allow tokenized equities and exchange-traded products (ETPs) to be traded on its main market.
The filing, made on Sept. 8, would mean that listed stocks and ETPs could trade in either traditional digital or tokenized form.
If approved, it would represent the first instance in which tokenized securities are reified by an official, major U.S. exchange, confirming blockchain's place in the national market system.
Before any changes, the proposal must be publicly commented on and approved by the SEC.
XRP army eyes possible Nasdaq listing
XRP rose by almost 4% to $2.97, and took its market cap above $177 billion, as traders connected the development to a wider institutional acceptance of the use of blockchain for settlement.
As the community mood on CoinMarketCap saw 88% of the votes as bullish, it became clear there is a belief that XRP may profit from a broader push towards tokenization on Wall Street.
The anticipation is partially due to XRP's historical role as a settlement token for financial institutions. Ripple's technology can already be used to tokenize real-world assets, and analysts argue that Nasdaq's use of tokenization could closely align with XRP's use cases.
Crypto voices on X immediately linked the move to XRP. "XRP ready to handle real institutional volume," wrote Jake Claver, QFOP. Another influencer, John Squire, called the filing "the most ambitious step yet toward Web3 finance."
XRP army bullish
In a further endorsement of the bullish outlook, Squire pointed out new on-chain data from XRPScan, which revealed a significant transaction of 64.46 billion XRP, equivalent to $32 billion USD, transferred between Binance wallets on Sept. 7, reflecting the level of liquidity through the network.
Chart watchers are also citing XRP's technical setup. A one-month projection chart currently circulating on the internet hints at a price corridor of the asset between $4 and $45, with the top end of the bullish scenarios pushing XRP to $250.
This article has been published in thestreet.com via Yahoo News.
