XRP Price Outlook: Ripple’s RLUSD Stablecoin Testing Heats Up – Could XRP See a Boost to $10?
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The XRP price has slid by 0.2% today, moving to $0.5881 as the wider crypto market falls by 1% in the past 24 hours.
Despite this, XRP remains up by 2% in a week and by 10% in a fortnight, and while the altcoin is down by 1% in a month it sits on an 18% increase in the last 12 months.
And the end of the year may see XRP strengthen, with Ripple expanding testing of its new RLUSD stablecoin, having issued 485 RLUSD yesterday.
This issue follows news that Ripple plans to offer its stablecoin in Japan, while its steady accumulation of new partners also points to positive future growth.
The issuance of 485 RLUSD comes as XRP looks to break through its current resistance level (red), which stands at around $0.592 today.
Based on its other indicators, it has regained some momentum in the past hour or so, with its relative strength index (purple) pushing up to 50 as of writing.
We also see its 30-period moving average (orange) remaining elevated above its 200-period average (blue), another sign that it remains in a medium-term phase of expansion.
Based on this, we might see the XRP price recover from its minor dip today to reach $0.60 in the next week or so.
It’s possible that today’s fall followed from a recent whale deposit to Bitstamp, although the past 12 hours haven’t see significant transfers in either direction.
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