XRP Price Holds above Key Support as Kraken Lists Ripple’s Stablecoin
On Wednesday, XRP was trading above a critical support level, despite a 37% drop from its yearly high. It’s now valued at $2.10, with a market cap of $126 billion, making it the fourth-largest crypto.
The major news is kraken’s listing of Ripple USD (RLUSD), Ripple’s stablecoin. This move gives RLUSD access too over 13 million users globally. Since its launch, RLUSD’s market cap has soared to $243 million.
RLUSD is unique as it’s actively used in payments and trading. Its 24-hour volume often exceeds $70 million, surpassing other stablecoins. Since December, it has processed over $10 billion in transactions.
Ripple Labs aims to integrate RLUSD into its payment system, boosting enterprise demand. this integration will enable instant cross-border payments and bridge fiat and crypto currencies.
However, XRP’s price is precarious. It’s just above the $1.910 support level, a 50% Fibonacci retracement. A drop below this could signal further declines, possibly to $1.50. But if XRP breaks above $3, the bearish pattern could be invalidated.
For more insights, check the XRP price chart.
