Ripple (XRP), the blockchain-based payment project, has made significant progress by minting Ripple USD (RLUSD) on-chain. This recent development comes amidst a surge in stablecoins minted in the last 24 hours, coinciding with a slight dip in the XRP price. While this may raise concerns among XRP investors, there are indications that the situation could soon turn in their favor.
Ripple’s move to introduce RLUSD, a US dollar-backed stablecoin exclusively created by the project for institutional use, signifies a step towards enhancing liquidity in the market. The project has already minted 2.45 million RLUSD in the last day, indicating a growing demand for stablecoin assets among crypto whales.
Although the price of XRP experienced a slight decline from its recent highs, technical indicators like the Bull Bear Power (BBP) suggest positive momentum. The current BBP value indicates bullish sentiment among buyers, potentially driven by an upcoming XRP ETF application.
Looking at the price predictions, the formation of an inverse head-and-shoulder pattern on the daily chart hints at a bullish reversal for XRP. If the token manages to break above the neckline at $0.60, it could avoid dropping below $0.57 and instead aim for a price target of $0.61. This could set the stage for a potential retest of $0.66 in the coming weeks.
However, failure to breach the $0.60 resistance level may lead to a price decline towards $0.52 as sellers regain control. It is essential for XRP investors to monitor these key price levels to gauge the token’s future direction in the market.
