🌎 XRP Price Skyrockets Amid Ripple Stablecoin Adoption

XRP Price Sees Significant Rise Amid Growing Adoption of Ripple’s Stablecoin

The XRP price has reached its highest level in over a month, extending its recovery that began on December 30. Ripple climbed to $2.60, driven by the gradual growth of its USD stablecoin, Ripple USD (RLUSD).

Ripple USD Gains Traction in the Crypto Market

RLUSD has attracted over $72 million in assets and has seen its 24-hour trading volume reach $162 million, making it the sixth-most used stablecoin in the crypto market. This growth has allowed RLUSD to surpass other popular stablecoins, including Justin Sun’s USDD, Frax, and PayPal’s PYUSD.

However, RLUSD still faces stiff competition from major stablecoins such as Tether (USDT) and USD Coin, which had 24-hour volumes of $74 billion and $6.7 billion, respectively.

Ripple Meme Coins Contribute to XRP’s Rally

XRP’s rally has coincided with rising investor demand for Ripple meme coins. Among the top performers this week were newly launched tokens such as Pongo, XRP Army, PHNIX, and Britto. The growth of RLUSD and the performance of Ripple meme coins have helped boost the utility of the Ripple network.

XRP Price Analysis: What’s Next?

The weekly chart shows that XRP has risen for three consecutive days, even as other cryptocurrencies have declined. The recovery began when the coin dropped to the psychological level of $2, which forms the lower boundary of a symmetrical triangle. This pattern is part of a bullish pennant formation.

XRP has also formed a break-and-retest pattern, dipping to a key support level of $1.9660, its previous all-time high. This pattern is widely seen as a bullish continuation signal. XRP remains above all major moving averages, suggesting further bullish momentum.

Tips for XRP investors:

Keep an eye on the next crucial resistance level at $2.9150, which could serve as the next target in the ongoing rally.
Monitor the growth of RLUSD and its impact on the Ripple network.
Stay informed about regulatory changes and their potential impact on XRP.