The crypto market participants are anticipating the impact of Ripple’s RLUSD stablecoin launch on XRP price. Some speculate that this could push XRP to $2, others suggest $1 is a reasonable target.

Let’s explore how high XRP price might go post Ripple’s stablecoin goes live.

Can XRP Price Hit $2 Post Ripple’s RLUSD Launch

Ripple’s recent announcement of the RLUSD stablecoin partners has sparked interest among investors and are already speculating that this launch could impact XRP price. Just like the SEC vs. Ripple lawsuit triggered a massive volatile move to the upside, the launch of RLUSD stablecoin will most likely have a similar effect on XRP.

Technical outlook forecasts what investors are expecting, XRP price to target $1 in the short-term. Over the longterm, $2 might be possible, but depends mostly on how XRP fits into the bigger picture and its importance in the stablecoin ecosystem.

When Is Ripple’s RLUSD Stablecoin launching?

According to recent developments, Ripple has chosen Bitstamp, CoinMEAN, Independent Reserve, Bitso, Uphold, Bullish, and MoonPay as their stablecoin partners. 

Although there isn’t a set date for the launch of RLUSD, Ripple mentioned that it is waiting for regulatory approval. Once the necessary requirements are met, the payments company is ready to launch the stablecoin globally. 

After Ripple announced their partners, Uphold CEO Simon McLoughlin responded by saying,

“Stablecoins are the killer use case for blockchain technology and help to solve one of the most glaring problems in modern finance – cross-border payments. We expect stablecoins to replace many use cases of traditional fiat money faster than many people imagine as virtually all major financial centers are now enacting clear regulations for stablecoins.”

XRP Price Analysis: Will Ripple hit $1?

The daily XRP price chart clearly visualizes the range-bound movement inside the yearly Volume Weighted Price Average (VWAP) with a single standard deviation. The blue line at the center is the yearly VWAP and the green lines on either sides are one standard deviation apart. 

Ripple price today trades under the yearly VWAP at $0.561 and below the daily resistance level of $0.556. If the Ripple’s RLUSD stablecoin is launched then a breakout above the aforementioned levels is more than possible. The first key target is $0.635. 

Beyond this barrier, investors need to pay attention to the $1 psychological level. But in times of massively heightened volatility XRP price could easily surpass these short-term resistance barriers and tag the $2 level.

XRP/USDT 1-day chart

On the other hand, if XRP’s involvement in RLUSD is minimal or zero, it could negatively affect Ripple price and trigger a correction to $0.5055. A breakdown of this barrier would invalidate the bullish thesis and trigger another pullback to $0.496. 

The post Will XRP Price Touch $2 Post Ripple Stablecoin Launch? appeared first on CoinGape.

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Filed under: News - @ October 19, 2024 9:11 am