Will XRP Price Touch $2 Post Ripple Stablecoin Launch?

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As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed firsthand the unpredictable nature and rapid fluctuations of digital assets like XRP. While some analysts are optimistic about XRP hitting $2 following Ripple’s RLUSD stablecoin launch, my personal take is more nuanced.

Market participants are eagerly awaiting the potential effects of Ripple‘s RLUSD stablecoin debut on XRP’s value. Some believe it might propel XRP up to $2, while others consider $1 as a more achievable goal.

Let’s explore how high XRP price might go post Ripple’s stablecoin goes live.

Can XRP Price Hit $2 Post Ripple’s RLUSD Launch

The announcement by Ripple about its new partners for the RLUSD stablecoin has piqued investors’ curiosity and some are already predicting that this launch could influence the price of XRP. Much like the SEC lawsuit against Ripple caused a significant volatile surge, the introduction of RLUSD is expected to have a comparable impact on XRP.

As a researcher studying the cryptocurrency market, I am projecting that the near-term focus for XRP prices could potentially reach $1. However, it’s essential to note that over an extended period, a price of $2 might be attainable. Yet, this long-term projection relies heavily on how XRP aligns with the broader market landscape and its significance within the stablecoin ecosystem.

When Is Ripple’s RLUSD Stablecoin launching?

As a result of the latest updates, Ripple has selected Bitstamp, Coinbase, Independent Reserve, Bitso, Uphold, Bullish, and MoonPay as their collaborators for their stablecoin projects.

As a researcher, I’m closely following the developments regarding RLUSD, Ripple’s upcoming stablecoin. While they haven’t disclosed an exact launch date yet, they’ve made it clear that they are awaiting regulatory approval. Once all necessary conditions are fulfilled, Ripple stands ready to unveil this payments innovation on a global scale.

After Ripple announced their partners, Uphold CEO Simon McLoughlin responded by saying,

Stablecoins represent a groundbreaking application of blockchain technology, particularly in addressing the persistent issue of cross-border payments within contemporary finance. It’s anticipated that stablecoins will supplant numerous functions of traditional currency more swiftly than one might expect, as significant financial hubs worldwide are now implementing clear regulations for these digital currencies.

XRP Price Analysis: Will Ripple hit $1?

The daily XRP price graph demonstrates the limited, range-bound fluctuations that stay within the annual Volume Weighted Average Price (VWAP) plus or minus one standard deviation. The midline in blue represents the yearly VWAP, while the green lines on both sides indicate a distance of one standard deviation apart.

Currently, the value of Ripple is trading below its yearly Value Weighted Average Price (VWAP) at $0.561 and beneath its daily resistance level at $0.556. However, if Ripple’s RLUSD stablecoin gets launched, it’s likely that the price could surge past these levels. The initial goal would be to reach $0.635.

Going past this boundary, investors should keep an eye on the significant $1 mark. However, during periods of extreme market turbulence, the XRP price might effortlessly break through these temporary resistance levels and reach towards the $2 point.

Conversely, if XRP’s influence on RLUSD is insignificant or non-existent, it might lead to a decrease in Ripple’s price, potentially pushing it down to around $0.5055. Breaching this level would undermine the bullish perspective and could provoke another dip towards $0.496.

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2024-10-19 12:18