Cryptocurrency market participants are looking forward to the impact that the launch of Ripple’s RLUSD stablecoin will have on the XRP price. Some speculate that this could push XRP to $2, while others suggest $1 is a reasonable target.
Let’s find out how much the price of XRP will rise after the Ripple stablecoin goes public.
Could XRP price reach $2 after Ripple’s RLUSD launch?
Ripple’s recent announcement regarding its RLUSD stablecoin partner has sparked interest among investors, who are already speculating that this announcement could have an impact on XRP price. Just as the SEC vs. Ripple case caused a massive volatile move to the upside, the launch of the RLUSD stablecoin will most likely have a similar impact on XRP.
The technical outlook predicts what investors are expecting, which is that the XRP price will target $1 in the near term. In the long run, $2 may be possible, but it mainly depends on how XRP fits into the bigger picture and its importance in the stablecoin ecosystem.
When will Ripple’s RLUSD stablecoin be launched?
According to recent developments, Ripple has selected Bitstamp, CoinMEAN, Independent Reserve, Bitso, Uphold, Bullish, and MoonPay as stablecoin partners.
No launch date has been set for RLUSD, but Ripple said it is awaiting regulatory approval. Once the necessary requirements are met, the payment company will be ready to launch the stablecoin globally.
After Ripple announced its partners, Uphold CEO Simon McLaughlin responded:
“Stablecoins are a killer use case for blockchain technology, helping to solve one of the most glaring problems in modern finance: cross-border payments. With clear regulations in place for coins, we expect stablecoins to replace many use cases for traditional fiat currencies sooner than many people imagine.”
XRP Price Analysis: Will Ripple Reach $1?
The daily XRP price chart clearly visualizes the movement within a range within the annual volume weighted price average (VWAP) with a single standard deviation. The blue line in the middle is the annual VWAP, and the green lines on either side are one standard deviation apart.
Ripple price today is below the annual VWAP of $0.561 and below the daily resistance of $0.556. If Ripple’s RLUSD stablecoin is launched, a breakout above the aforementioned levels is quite possible. The first major target is $0.635.
Beyond this barrier, investors should pay attention to the psychological level of $1. However, in times of significant volatility, XRP price could easily surpass these short-term resistance barriers and reach the $2 level.
XRP/USDT 1 day chart
On the other hand, minimal or zero XRP involvement in RLUSD could negatively impact Ripple price and cause a correction to $0.5055. If this barrier breaks down, it will invalidate the bullish argument and trigger a further decline to $0.496.
Frequently asked questions (FAQ)
Ripple’s RLUSD is a stablecoin and could have a positive impact on the XRP price, pushing the price to $1 or $2.
No release date has been set, pending regulatory approval.
Primary targets include $0.635, $1, and potentially $2, with support levels at $0.5055 and $0.496.
✓ Share:
akash girimas
Akash Girimath is an engineer by training with a deep interest in the intricacies of the crypto market. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to prominent platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role includes providing insightful market analysis and keeping readers informed about the latest trends in the world of cryptocurrencies. Follow him on Youtube , X and LINKedIn
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
