- XRP price escaped the symmetrical triangle pattern and was poised for an upsurge.
- The XRP price has cleared a significant hurdle of $0.600 and noted a weekly surge of over 10%.
- Ripple mints 350,000 RLUSD stablecoins as a surge in XRP’s value, and the crypto market cheers on.
XRP price had crossed a significant cluster of $0.600 and registered a symmetrical triangle breakout. It recorded a strong weekly surge of over 10%, marking an achievement.
The XRP price has been capped in a range for the past few weeks. Finally, the bulls cleared the barrier and climbed above the key EMAs. This was due to the general shift in market sentiment, which fuels the XRP’s price surge.
However, it should be noted that there are only seven days left until the regulator can appeal the final decision in the Ripple case, so the U.S. SEC can still spoil the XRP bulls’ plans.
XRP Price Gains Momentum: Will It Approach the 52-Week High Mark?
Over the last 24 hours, XRP traded at $0.6287 at press time, marking a decrease of over 1.20%. Notably, the coin’s price attempted to breach the previous three-month high trajectory of $0.6500 and paused near it.
This week, a significant surge of over 10% was noted. Also, the buyers have regained traction and are looking to dominate ahead.
With a market cap of $35.46 Billion, it has surpassed Circle’s USD and had a circulating supply of 56.56 Billion.
Crypto Analyst @Eliz, in his post, said that the XRP price had crossed a significant hurdle and witnessed buyer interest.
The ongoing price action indicated buyer accumulation and a golden crossover was spotted. This gives a strong bullish conviction.
Alongside the price surge, the RSI line comfortably rests around 65 in the overbought zone. A CMF reading of 0.14 indicated a rising inflow in the market.
Ripple Pushes Stablecoin Strategy Amid Surging XRP Optimism
Apart from this, Ripple has been solely concentrating on its stablecoin revenue line. In the latest of such, the company has issued 350,000 new RLUSD into the market through two transactions.
The stablecoin issuance conducted with Ripple’s private beta test must also help increase the liquidity. It will also provide a seamless integration of RLUSD with other blockchains.
Specifically, the RLUSD stablecoin is designed for safe and efficient transactions on the XRP ledger, or XRPL.
Hence, the testing phase is important for Ripple’s future goals of having RLUSD operate effectively and within the proper regulatory framework.
This is particularly the case, given the growing attention that central banks worldwide have paid to digital currencies.
XRP Price Prediction: Can XRP Hit the $1.00 Mark?
With the ongoing positive sentiment, market analysts anticipate XRP’s next leg toward the $1 mark in the following sessions. A daily close above the 52-week high mark of $0.7500 would send the XRP price toward $1.
Ripple offers XRP in cross-border payment through RippleNet so that it can be adopted. This could happen if more institutions show an inclination toward it.
However, suppose only one or two percent of the volume of international trade was to be settled with XRP. The need to have it liquid would affect its price.
However, this would only be possible if the community uses the native token. Also, it sustains a healthy ecosystem with high traffic to the XRP Ledger.
The immediate support zones were $0.6130 and $0.6000, whereas the upside barriers were $0.6350 and $0.6500.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
