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XRP climbs above $0.54 as Ripple announces exchange partners for Ripple USD stablecoin

fxstreet.com 16 October 2024 07:15, UTC

$XRP trades at $0.5420 on Tuesday.
Ripple announced its exchange partners for the stablecoin project at Swell 2024 in Miami.
$XRP could gain 10% and rally toward $0.60, the psychologically important price level for the altcoin.

Ripple ($XRP) holds steady above key support at $0.54 on Tuesday as payment remittance firm Ripple makes announcements regarding exchange partners for its stablecoin $RLUSD that is in the final stages of its launch.

Daily Digest Market Movers: $XRP gears up for gains with key announcements from Ripple

Ripple, the cross-border payment remittance firm, informed users that upon receiving regulatory approval its stablecoin project $RLUSD will be made globally available to financial institutions and firms including Uphold, BitStamp, Bitso, Moonpay, Indereserve, CoinMENA and Bullish.

Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.

Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3
— Ripple (@Ripple) October 15, 2024

Monica Long, President of Ripple Labs, said that the firm’s stablecoin $RLUSD is "operationally ready," awaiting regulatory approval by the New York Department of Financial Services (NYDFS).
The firm is yet to announce a date for an $RLUSD launch.
Ripple informed market participants that the firm added ex-Federal Deposit Insurance Corporation (FDIC) chair Sheila Bair and David Puth, the former CEO of Centre.
Centre is a consortium responsible for setting standards for USD Coin (USDC).

Technical analysis: $XRP could rally 11% to hit a psychologically important level

Ripple has been in a downward trend for over a year now. The altcoin could rally 10.26% and hit the psychologically important $0.60 level. This marks a key resistance level for $XRP. The Relative Strength Index (RSI) reads 46, under the neutral level of 50.

The Moving Average Convergence Divergence (MACD), a momentum indicator, shows green histogram bars above the neutral line as the MACD line crosses above the signal line. This means there is underlying positive momentum in $XRP price trend.

Technical indicators point at room for gains in $XRP price.

$XRP/USDT daily chart

However, a daily candlestick closing under $0.50 would invalidate the bullish thesis.

fxstreet.com