XRP’s Recent Dip Signals Potential September Rebound
XRP’s price has slid 23% from its peak this year, settling at $2.8160. Despite this downturn, underlying factors are optimistic, hinting at a recovery in September.
Ripple’s USD stablecoin, RLUSD, reached a new high of $701 million, showcasing rapid growth. This surge outpaces PayPal’s PYUSD, which took two years to reach $1.1 billion post-launch. RLUSD’s expanding daily transactions boost the XRP Ledger’s utility.
- RLUSD assets surpass $700 million.
- RLUSD surpasses PYUSD’s growth trajectory.
CME XRP futures saw $1 billion in open interest in just three months, overtaking other contracts. This demand spans Wall Street, where products like the XXRP ETF have grown to $352 million. These trends indicate strong support for XRP.
The XRP price has dipped recently but remains above its 100-day EMA, a bullish signal. A forming pennant pattern suggests an imminent breakout. If prices rise past $3.6640, a gain of 30%, further momentum towards $5 is absolutely possible.
