XRP Faces Market Pressure Despite Bullish exchange News
this week, XRP struggled and flirted wiht bear territory. This happened despite favorable news from Bullish, a popular crypto exchange backed by Peter Thiel. The exchange recently became publicly traded.
XRP dipped near $3—a significant drop from its yearly peak. Its total value now sits at $179 billion.
Bullish confirmed it used RLUSD, a stablecoin, to handle IPO proceeds. Othre stablecoins like USDC were also used. CFO David Bonanno sees stablecoins as crucial for digital asset growth.
- RLUSD’s market value reached $666 million.
- Monthly transaction volume climbed to $2 billion.
The GENIUS Act, recently passed in the U.S., boosts confidence in stablecoins. RLUSD’s rising popularity could help XRP.More XRP use means higher network fees, leading to coin burning.
Ripple’s latest acquisition, Rail, aligns with its stablecoin push. Rail facilitates stablecoin-based global payments.
Technically, XRP shows promise. A “cup-and-handle” pattern suggests potential growth. If prices stay above $2.7, a bullish breakout might occur, targeting $5.2.
