Technical indicators point at bullish potential in XRPLedger’s native token.
Ripple (XRP) trades at $0.5872 at the time of writing. XRP Ledger’s native token is likely poised for gains as the payment remittance firm prepares for its stablecoin Ripple USD (RUSD) launch.
XRP could find support in the FVG between $0.5188 and $0.5715. This is an imbalance zone on the daily time frame. If XRP sweep liquidity in this zone, it could attempt a recovery to test resistance at $0.6310, the August 24 top for the altcoin.
XRP likely to gain 12%
XRP has attempted to break out of its downward trend nearly three times since August. The altcoin could extend gains by 12.44% and target the 50% Fibonacci retracement level of the decline from the July 2023 top of $0.9380 to the July 2024 low of $0.3823.
XRP has attempted to break out of its downward trend nearly three times since August. The altcoin could extend gains by 12.44% and target the 50% Fibonacci retracement level of the decline from the July 2023 top of $0.9380 to the July 2024 low of $0.3823.
As Ripple continues to gain momentum, the launch of Ripple USD (RUSD) is seen as a potential game changer for the company’s global payment remittance services. With the introduction of a stablecoin backed by Ripple’s robust technology, market analysts expect a surge in utility for XRP Ledger, driving demand for the XRP token.
Investors and XRP holders are now closely watching how Ripple will leverage the RUSD launch to enhance liquidity in cross-border transactions, streamline remittance solutions, and solidify partnerships with global banks. As the cryptocurrency market remains volatile, any positive development from Ripple could spur renewed interest in XRP, potentially pushing the token’s price beyond current levels.
However, despite the optimism, some caution that the broader market conditions and regulatory environment could still impact XRP’s trajectory. Whether the absence of an SEC appeal truly marks the end of Ripple’s legal challenges remains to be seen. Nonetheless, with the RUSD on the horizon and Ripple’s commitment to expanding its global payment infrastructure, the future looks promising for XRP.