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XRP is down 0.2% today to $0.5881, while the cryptocurrency market is down 1% in 24 hours.
XRP is up 2% weekly and 10% biweekly, and while the cryptocurrency is down 1% monthly, it is up 18% in the past year.
Ripple released 485 RLUSD yesterday to test its new RLUSD stablecoin, which could boost XRP by the end of the year.
Ripple’s ambitions to sell its stablecoin in Japan and its continued expansion with new partners suggest healthy growth.
Ripple’s RLUSD Stablecoin Test Heats Up: Can XRP Hit $10?
As XRP attempts to break through its red resistance level at $0.592, 485 RLUSD have been issued.
Other indications show that it has regained momentum in the past hour, with its relative strength index (purple) hitting 50.
XRP could recover 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 on Bitstamp, although neither direction has seen any major transfers in the previous 12 hours.
As announced, Ripple issued 485 RLUSD yesterday to test the cryptocurrency.
In early August, there were beta tests of the stablecoin on the XRP Ledger and Ethereum.
Its extensive use and Ripple’s prominence as an international transaction network could make RLUSD a major competitor to stablecoins when it gets going.
Once regulatory approval is obtained, the stablecoin will debut in Japan and later internationally, targeting institutions.
The latter could reach $1 by the end of the year and $3 by the second quarter of 2025.
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