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#XRP ranges below the psychological $0.60 barrier on Friday.
XRP is trading between $0.5643 and $0.6686, a tight range. At $0.5807 on Friday, the cryptocurrency fell below the psychological $0.60 mark.
In 2024, Ripple will create a 1:1 USD stablecoin on XRPLedger and Ethereum. The cryptocurrency did not rebound after the news.
April 4 marked Ripple's entry into the $150 billion market with a USD-pegged stablecoin.
The remittance company stated the stablecoin would launch on $XRP Ledger and Ethereum in 2024.
The payment giant wants to improve its payment infrastructure for institutional and DeFi customers, according to Ripple.
The cross-border payment remittance provider recognizes that crypto's future is multichain and that stablecoins must be interoperable to be adopted.
The USD-backed coin will be launched via DeFi applications and compatible with DeFi infrastructure, according to the company.
The statement marked a turning point for the payment business fighting the US Securities and Exchange Commission (SEC) in court, but it did not boost XRPLedger's native cryptocurrency.
Technical analysis: XRP holds steady despite encouraging news
XRP has fallen from its March 11 year-to-date high of $0.7440. Since February 17, XRP has ranged between $0.5643 and $0.6686, failing to return to the local top despite repeated tries.
XRP may sweep liquidity at $0.5386, the daily support level. In many retests since February 15, this level has supported. On the daily price chart, the cryptocurrency might rebound off support and fill the Fair Value Gap (FVG) between $0.6185 and $0.6204.
Red bars below the neutral line on the Moving Average Convergence/Divergence (MACD) indicator suggest a support liquidity sweep.
A daily candlestick close above $0.6147, the 50% Fibonacci placeholder of the advance from January 31 low to March 11 high of $0.7440, might disprove the bearish argument. XRP meets resistance at the FVG's upper barrier at $0.6204 and the daily resistance level at $0.6686, which has remained stable for over two months.
