In a broader market correction, with the crypto market cap trading below the $2 trillion valuation and the Bitcoin price under $57,000, the altcoins market, including XRP, is facing a massive supply inflow.
With the total market cap of the altcoins under the $850 billion valuation, the XRP price tests the 200-day EMA. Further, with the recent announcement of the Stablecoin release and new partnerships, will the XRP price make a bullish comeback?
XRP Triangle Holds The Fate
With a 1.92% drop yesterday, the bearish trend continues with a 1.15% drop, forming a bearish intraday candle. However, with a lower price rejection, the altcoin hangs at the 200-day EMA but undermines the 3.72% recovery on Monday.
Source: Tradingview
In the daily chart, the XRP price forms an ascending triangle pattern with the overhead ceiling at $0.62. However, with the recent bear cycle, a sideways trend follows near the baseline of an ascending triangle pattern and the 200-day EMA.
With a long-tail formation, XRP holds onto the triangle pattern and teases a potential bounce back.
The daily RSI line shows a bullish trend with a higher high formation and no signs of bearish divergence. Further, the 50-day and 200-day EMA maintain a positive alignment despite the sideways trend and minimal gap, reflecting a looming death cross threat.
Garlinghouse Announces XRP Will Soon Launch A Stablecoin.
In a recent interview, Brad Garlinghouse mentions that the XRP team is “very close” to launching a U.S. dollar-pegged stablecoin. The optimistic comment came during a Wednesday fireside chat at the Korea Blockchain Week in Seoul, South Korea.
Adding to the optimism, Garlinghouse revealed the stablecoin’s name, “Ripple USD.” Further, the CEO of the cross-border payment system company said the stablecoin testing is in a “private kind of closed beta” phase.
As for the release, the expected date will be within weeks and not months. Hence, in 2024, Ripple USD is expected to be released before the Uptober Rally.
Ripple Makes Partnerships, Aims XRPL Ecosystem Boost
In recent news, Ripple Custody has partnered with Futureverse, a metaverse tech company. Through this partnership, Ripple will securely manage Futureverse’s assets.
Furthermore, as the next development step in the XRPL ecosystem, Ripple plans to add smart contracts by 2025 using the XRPL EVM sidechain. The team is also exploring native capabilities on the XRPL Mainnet.
With the network development and the growth of the XRPL ecosystem, the XRP price could surge in the coming months.
XRP Price Targets
Based on the Fibonacci levels, a bull cycle leading to the triangle breakout can find overhead targets at $0.65 and $0.72. Both levels have a history of igniting a bearish reversal, so the breakout rally can witness increased volatility near these levels.
On the bottom side, a breakdown of the support trendline will test the 23.60% level at $0.4905.
Read More: XRP Price Prediction
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