XRP Faces Pressure Despite Bullish Exchange’s Boost
This week, the XRP price has struggled, moving closer to a bearish trend. Interestingly, the market didn’t get a lift from Bullish, a prominent cryptocurrency exchange backed by tech mogul Peter Thiel, which recently went public.
Bullish announced its choice to use RLUSD,along with other stablecoins like USDC,PYUSD,and USD1,to secure its $1.5 billion IPO proceeds. According to Bullish CFO David Bonanno,stablecoins like RLUSD represent a notable use case for digital assets,enhancing business operations through built-up infrastructure and liquidity.
RLUSD’s market capitalization has surged past $666 million, with monthly trade volumes hitting the $2 billion mark. Despite a slight decline in transactions, the past month saw RLUSD’s volume soar by 99% to $2.6 billion.
- RLUSD benefits from the GENIUS Act, which lays out regulations for the U.S. stablecoin sector.
- This growth is good news for XRP as it fosters more uses for the XRP Ledger, ultimately leading to increased XRP burning.
ripple has been increasing its influence in the stablecoin arena.The recent acquisition of Rail aims to bolster global payment solutions via stablecoins.
The XRP price has formed fascinating patterns that could signal upcoming gains. Notably, a cup-and-handle formation, usually indicating bullish momentum, has appeared. Additionally, the inverse head-and-shoulders on the XRP chart also hints at potential growth.
The XRP price stays above crucial moving averages, suggesting support. If this holds, a bullish breakout towards the $5.2 level might occur. However, falling below $2.7 would negate this positive forecast.
