XRP Jumps as Ripple Joins BlackRock, J.P. Morgan, Others to Tokenise UK Debt
Relatively oversold, XRP price turned green on Tuesday as new momentum builds following Ripple’s announcement that it is joining other global financial institutions to tokenise UK debt.
Trading data from the cryptocurrency market showed that XRP has surged by about 3.2% in the last 24 hours following the announcement, and the token is approaching the $1.10 support level on Tuesday.
With more than $1 billion in transaction value over the same period, trading volume is up about 10%, signalling that investors have begun to return after previous sell-offs.
XRP bucked the negative performance in the crypto market amid renewed optimism, as analysts anticipated the latest partnership would open up the UK market more than before.
The total cryptocurrency market capitalisation decreased by 0.6% to $2.24 trillion, while Bitcoin saw a minor pullback, falling 0.7% to $62,700. Most market sectors experienced slight declines between 0% and 2% during the trading session.
The UK government has assembled one of the most significant financial coalitions in modern history. Backed by HM Treasury and the City of London Corporation, the Wholesale Digital Markets Champion and Taskforce now counts 54 institutions among its members.
The UK government-backed Digital Markets Taskforce has brought together 54 financial firms to develop real-time tokenisation use cases, with the first focus on end-to-end tokenised repurchase transactions.
Members include BlackRock, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, UBS, Barclays, Citi, State Street, Coinbase, Circle, Ripple, and Wintermute.
A report backed by HM Treasury estimates that the tokenised market could add up to £33 billion in annual output to the UK by 2035; tokenised real-world assets could reach $88 trillion by 2035, with the UK potentially seeing up to $44 billion in new economic output and $18.7 billion in annual tax revenue.
The roadmap also proposes tokenisation use cases for fixed income and uncleared over-the-counter derivatives, and suggests completing the first pilot issuance of the UK Digital Gilt Instrument DIGIT before Q1 2027.
Ripple and the taskforce will also help establish the repo use case, completing tests and running a live trial by spring 2027. “We will consider the possibility of exploring additional asset classes, such as commodities, across the course of the year,” as per HM Treasury.
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