XRP Price Forecast: Ripple’s RLUSD Stablecoin Launch Could Trigger Major Price Move

cryptonews.com:

The XRP price has dropped by 2% today, slipping to $0.5556 as the crypto market loses a hefty 5% in 24 hours.

But delisted also being down by 2.5% in a week, XRP remains up by 18.5% month, helped along by Ripple’s settlement with the SEC and with the upcoming launch of its very own stable coin, RLUSD.

In fact, Ripple CEO Brad Garlinghouse has revealed today that the launch of RLUSD – which is currently in private beta – is now only weeks away.

While the 1:1 USD-backed stablecoin won’t boost usage of XRP directly, it will help bring users into the wider Ripple ecosystem, which could have long-term advantages for the coin’s price.

XRP had a poor end to August, but it has now moved into a position where it should rebound quite strongly.

Its RSI has been below 50 for much of the past fortnight, but this morning it bounced from the oversold position of 30 to around 45.

While its 30-period moving average (orange) isn’t doing too much right now, it has been below the 200-period average (blue) for well over a week.

This is further evidence that a recovery is on its way, and we may actually see a big move once XRP’s resistance (red) and support (green) levels meet.

Such a collision could occur soon, with XRP’s trading volume still remaining relatively healthy for an underperforming asset, at around $1.1 billion today.

Yet we haven’t seen a big whale purchase in nearly a month, with most large traders likelier to sell the token right now.