Despite the poor performance of XRP and all cryptocurrency markets earlier today, the upcoming launch of Ripple’s stablecoin RLUSD may help attract its technical system to new users.The price of Ripple-XRP fell on Wednesday by 2% to settle at $ 0.5556 with the cryptocurrency sector incurring remarkable losses of 5% during the day yesterday. However, despite the decline in the price of XRP by 2.5% in a week, its value retained a monthly gain of 18.5% thanks to the settlement of the legal dispute between Ripple and the Securities and Exchange Commission (SEC) along with the upcoming launch of its stablecoin RLUSD, where the company’s CEO – Brad Garlinghouse – explained yesterday that the RLUSD coin, which is currently undergoing beta testing, will be launched in a few weeks. XRP directly, but it will attract users of the Ripple technology system, which may have an extended positive impact on the price of XRP.
Ripple Price Outlook Amid Anticipation of Triggering XRP Stablecoin (RLUSD)
Despite XRP’s poor performance at the end of August, technical analysis of its price movements suggests the possibility of a strong rebound; although the RSI has stabilized below 50 for the majority of the past two weeks, its reading rose yesterday morning from a plus sell zone at 30 to currently approach 45.Source: TradingViewWith the 30-day average movement line (DMA-30 in orange) stabilizing, it is still below its counterpart on the 200-day (DMA-200 in blue) more than a week ago, which suggests the price could recover soon. With the support and resistance lines (green and red respectively) approaching the crossover, strong price movements are likely in either direction, which explains why XRP, despite its recent poor performance, enjoyed good trading volumes of $1.1 billion yesterday.However, this currency has not seen the initiative of whales (large investors) to buy large quantities of it in almost a month, indicating that most large traders are inclined to sell it now.
20,580,000 #XRP (11,542,509 USD) transferred from unknown wallet to #Bitstamphttps://t.co/kqDvqJSa97— Whale Alert (@whale_alert) September 1, 2024
On the other hand, there are good reasons for the recovery of the price of XRP, including the imminent launch of the Ripple stablecoin (RLUSD) pegged to the value of the US dollar, with parallel reserves of cash balances, short-term US Treasury bonds and other assets denominated in cash balances.It is noteworthy that the USDT issued by Tether and USDC from its counterpart Circle dominate the stablecoins sector, but both suffer from problems due to various reasons, which is likely to contribute to the long-standing position of Ripple The sector is helping its new stablecoin to penetrate this market and acquire a portion of it, and thus the possibility of increasing the number of XRP users in the long term; in addition to the possibility of the company’s continued growth after the resolution of its legal dispute with the SEC to cause an increase in the adoption of XRP.Given the expected rise in cryptocurrency prices starting next October once the Federal Reserve begins to cut interest rates, it is likely to rise
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