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| XRP |
Ripple's Stablecoin Integration Could Significantly Boost XRP Utility and Demand
Despite a recent market downturn, XRP has successfully defended the $2 support level, signaling a potential rebound within a bullish pattern. Investor optimism is notably increasing due to Ripple's official integration of its stablecoin, RLUSD, into its cross-border payment system.
Cointelegraph analysts suggest that the integration of RLUSD will likely enhance both the utility and demand for XRP. RLUSD, a dollar-pegged stablecoin launched in December 2024, is designed to work in conjunction with XRP, aiming to mitigate volatility and enhance liquidity within Ripple's ecosystem. The market capitalization of RLUSD currently stands at $244 million, marking an impressive 87% growth throughout March.
Technical Analysis Points to Potential Breakout Towards $3.51
According to Cointelegraph, XRP is currently retesting the lower trendline of a symmetrical triangle pattern on its daily chart, positioned at $1.98. This level has historically acted as a strong support, triggering rebounds on two to three previous occasions. Should a similar pattern emerge, XRP could break above the $2.40 resistance level (the 50-day moving average) and potentially rally towards $3.51. This represents a substantial 73% increase from its current price.
Expert Optimism and Bullish Indicators Further Support Potential Surge
Beyond technical analysis, expert sentiment also leans towards a bullish outlook for XRP. Dark Defender, utilizing Elliott Wave theory, anticipates the current correction phase for XRP to conclude within the coming weeks, projecting mid-to-long-term price targets ranging from $5 to $18. Another analyst, CasiTrades, has identified bullish divergence across multiple timeframes on the Relative Strength Index (RSI), interpreting this as a bottom signal.
Market analyst Steph Is Crypto notes the significant price compression in XRP, predicting an imminent major breakout. He expresses strong optimism, suggesting that "this breakout will create a lot of new millionaires."