LIVEHey, guys,
a quick update on XRP.
The price came to the lower boundary of the sidewall again, failing to break the 0.55 resistance. At this point, the standard rules for working from consolidation boundaries apply, which are break down (unlikely), bounce immediately or with a false breakdown (more likely). The fall is taking place against the background of the ongoing fuss with the court and general negativity on the market. I think we'll see the denouement tomorrow after the inflation data. It is possible that we are seeing a shakeout of weak hands before the trend reverses, but you have to admit that the chart looks weak and has a nasty return on an annualized basis, we have to admit that the holders of this thing have balls of steel and maybe they will be rewarded for their patience (see my previous ideas on XRP). DYOR.
Stay tuned.
LIVEHey guys.
This is an update on XRP. And this time there is something besides charts.
4.05. Ripple (parent company of XRP), which provides corporate financial services to businesses, announced the release of a stablecoin on the XRPL and Ethereum blockchain, with plans to release a stablecoin on other blockchains in the future.
The coin will be linked 1-to-1 to the U.S. dollar, and backed by cash or equivalent, short-term U.S. government treasuries.
The stablecoin is expected to be available later this year, after regulatory approval.
To better understand how it will work and look, we can make an analogy with the TRON blockchain.
There is the TRON blockchain, which has a TRX coin, and on this blockchain there is a stable coin USDT of TRC 20 standard.
In the case of XRP, it would look like this as I understand it.
An XRPL blockchain that has an XRP coin and on that blockchain a stable coin such as USD(X) will be created.
After that I expect the new stablecoin to compete with existing coins. According to Ripple's statement both XRP and USD (X) coins will be used in the payment solution.
Technically on the chart we can see that the price is trying to break the downtrend, and break the consolidation, in case of consolidation above 0.55 will be the absorption of the bearish candle from April 13, and may open the way to the zone of 0.6-0.65- 0.7$.
Most likely, we will see that a big player will push the price up, working ahead (buy rumors), and on the release of a stable coin will be unloaded on the crowd (sell facts). I will be on the side of the big player. DYOR.
Stay tuned.