Ripple's RLUSD Stablecoin Testing Heats Up: Could XRP Reach $10?
XRP fell 0.2% today to $0.5881 as the crypto market fell 1% in 24 hours.
XRP is up 2% a week and 10% a fortnight, and although the cryptocurrency is down 1% a month, it has up 18% in the previous year.
Ripple released 485 RLUSD yesterday to test its new RLUSD stablecoin, which may boost XRP by year's end.
Ripple's ambitions to sell its stablecoin in Japan and its continuous expansion with new partners suggest healthy growth.
Ripple's RLUSD Stablecoin Testing Heats Up: Could XRP Reach $10?
As XRP attempts to break over its red resistance level at $0.592, 485 RLUSD were issued.
Other indications show it has recovered momentum in the last hour, with its relative strength index (purple) reaching 50.
XRP may rebound from its modest loss today to reach $0.60 in a week or two.
Today's drop may have been caused by a whale deposit to Bitstamp, although neither direction has seen big transfers in the prior 12 hours.
As announced, Ripple issued 485 RLUSD yesterday to test the cryptocurrency.
Early August saw beta testing of the stablecoin on XRP Ledger and Ethereum.
Its extensive use and Ripple's prominence as a cross-border transaction network might make RLUSD a major stablecoin competitor once it starts.
Once regulatory clearance is obtained, the stablecoin will debut in Japan and subsequently internationally, targeting institutions.
Future acceptance of RLUSD may not directly affect XRP, but it will increase the Ripple ecosystem, indirectly benefitting XRP.
The latter may reach $1 by year's end and $3 by Q2 2025.
