Despite the huge success of the Ripple swell event and the growth of the Ripple USD stablecoin, XRP price has remained flat this week.
summary
XRP price remains volatile as RLUSD volume soars. RLUSD supply has surged to $1 billion this month. Technical analysis suggests a possible rebound in XRP price. X
Ripple (XRP) token is trading at $2.3200, down double digits from this year’s high. This price movement was eerily similar to that of other top coins such as Bitcoin and Solana.
RLUSD trading volume is increasing
XRP price has fluctuated as the Ripple USD (RLUSD) stablecoin continues to grow. According to data compiled by Artemis, stablecoin assets have surpassed a significant $1 billion milestone less than a year after its launch.
Most importantly, there is a strong upward trend in the number and volume of RLUSD trades. Adjusted trading volume increased 210% over the past 30 days to more than $4 billion. This happened as the number of transactions increased by 26% to $480,000.
Ripple’s USD growth could accelerate following recent efforts by Ripple Research Institute. For example, the company acquired Hidden Road and changed its name to Ripple Prime. Hidden Road processes billions of dollars a day, and some of those funds may be channeled through RLUSD.
Ripple also acquired GTreasury, another company that handles billions of dollars a year. Most recently, it entered into agreements with Gemini, MasterCard, and WebBank to pilot RLUSD for card payments.
There are other potential catalysts in XRP’s price that could boost its performance. Most notably, 21Shares and Bitwise are moving forward with ETF applications, with an expected listing later this month.
XRP price technical analysis
The daily timeframe chart is sending mixed signals regarding the XRP price. On the downside, this coin just formed a death cross pattern, which occurs when the 50-day moving average crosses the 200-day moving average. This pattern usually leads to further declines.
On the positive side, the token has formed a double bottom pattern at $2.1838 and a neckline at $2.68. Also, the relative strength index and percentage price oscillator are forming a bullish divergence pattern.
There are also signs that the token is in the second stage of the Elliott Wave. Therefore, these patterns point to further upside and potentially $3 resistance. A break below the key support at $2.1838 will invalidate our bullish XRP price prediction.
Disclosure: This article does not represent investment advice. The content and materials published on this page are for educational purposes only.
