XRP Price Prediction as Pacific Island of Palau Begins to Trial Stablecoin Built on XRP Ledger – Adoption on the Rise?

cryptonews.com:

The XRP price has risen by 2% in the past 24 hours, rising to $0.716275 after the Federal Reserve raised its base rate by 0.25% yesterday.

Despite rate hikes usually having a negative effect on financial markets, investors seem to regard yesterday's move as one of the last the Federal Reserve will make during the current economic cycle, something which has helped to buoy the cryptocurrency market.

XRP remains down by 12% in the last seven days, but is up by 50% in the last 30 days and by 110% since the start of the year, pushed up by Ripple's success in securing a largely positive ruling in its case with the SEC.

And with the cryptocurrency company announcing this week that it's partnering with the Pacific Island of Palau on a stablecoin trial, rising adoption could help push XRP even higher in the coming months.

After suffering a dive (along with the rest of the market) earlier in the week, XRP now looks as though it has begun the inevitable rebound.

The altcoin's relative strength index (purple) has risen from under 30 on Monday and Tuesday to 50 today, signalling an influx of buying momentum that should help push it higher in the coming days.

Likewise, XRP's 30-day moving average (yellow) has stopped its recent decline and may begin rising again, particularly when its current price has just risen above the short-term average.

It should also be highlighted that XRP did not fall back down (or below) its current medium-term support level (green), meaning that it may have ended its recent correction and should be ready to climb further.

This belief is reinforced by recent Ripple news, with the cryptocurrency firm announcing a partnership with the Republic of Palau that will see the latter trial a CBDC on the XRPLedger.

While Palau