Dubai-based diamond management and auction services firm Billiton Diamond FZCO and real-world asset tokenization firm have moved more than $280 million of certified polished diamonds on the XRP Ledger blockchain.
Both firms leveraged Ripple’s custody technology to secure the physical diamonds and minted tokens tied to the assets. The move is part of an institutional-grade tokenization program for polished stones in the United Arab Emirates. The deal represents one of the largest tokenization efforts in the luxury commodities sector in the country.
Ripple-Backed Firm Transfers AED 1B+ in Certified Diamonds on XRPL
The companies said Ripple’s enterprise custody tools will be used secure the diamonds, while the XRPL network will handle issuance and transfer of tokens. The San Francisco-based fintech will prepare the stones for possible trading on regulated digital markets.
The next phase in the project hinges on regulatory clearance, a border platform launch, and wider distribution, subject to approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
Ripple will serve as the plumbing layer rather than a marketplace layer. This distinction is key because the debate surrounding tokenized commodities isn’t about minting tokens, but whether they can be traded meaningfully with tight spreads, reliable pricing, and clear redemption channels.
Billiton Diamond and Ctrl Alt also teased other features, including custody solutions, transfers, and secondary-market readiness, without providing specific details on how they would work, what the minimum lot sizes might be, or how pricing would be determined for individual stones. The Dubai Multi Commodities Centre (DMCC), a free-trade zone and commodities exchange, is the project’s coordinator, connecting stakeholders and supporting the ecosystem around the tokenization efforts.
XRP Slips Under Key MAs Amid Crypto Risk-Off Sentiment
While XRP made modest moves today, its price has dropped 0.68% in 24 hours. This has extended the steeper downtrend, as the token is down 15% this week and 23% for the month. The decline also aligns with a risk-off shift across crypto markets.
Currently, its price sits below the 7-day ($1.75), 30-day ($1.98), and 200-day ($2.52) simple moving averages, which confirms a bearish trend across all major timeframes. XRP’s 7-day relative strength index (RSI) is at 21.77, deep in oversold territory.
Trading below all key moving averages indicates persistent selling pressure and a lack of bullish conviction. While the oversold RSI can at times precede a bounce-back, it primarily reflects intense selling, which has driven the price down sharply. The negative MACD histogram (-0.036) also confirms that bearish momentum still exists for XRP.
Sustained breaks above the 7-day SMA near $1.75 could signal a potential shift in short-term momentum.
At the time of writing, XRP is trading at $1.59 – down 1.57% in 24 hours.
