fxstreet.com
- 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.
— Ripple (@Ripple) October 15, 2024
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
- 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.