XRP Drops 12% As CTO Says RLUSD Stable Will Drive Demand: Will Ripple Reject Sellers?

XRP is down, and its price action appears to be driven chiefly by fundamental factors. If Bitcoin and the crypto market recover, the seventh most valuable coin may benefit. However, as things stand, the coin will likely slide as BTC is also losing steam, and buyers have yet to decisively back price action. As for now, the immediate support is at $0.50, and as long as the coin is below $0.55, moving in sync with the sell-off of October 1 and 2 bears, the coin could post more losses.

Presently, XRP is moving sideways at press time and bearish unless there are gains that will confirm gains of Q3 2024. Technically, sellers will be in charge as long as the coin remains below $0.55 and $0.66. For now, Ripple is down nearly 12% in the previous week as engagement fades, sinking below $1 billion.

Traders are watching the following Ripple and XRP news events:

• Ripple’s partner in Brazil, Mercado, will use the platform’s end-to-end payments to streamline treasury operations. The goal is to make all transactions between the country and Brazil smooth, boosting cross-border payment efficiency.
• RLUSD, the stablecoin by Ripple, David Schwartz, in an interview, will benefit XRP. Since the token will launch on the XRP Ledger, all fees will be payable in XRP. The more there are users, the higher the demand is.

XRP Price Analysis

XRP/USD is down, sliding 12% in the past week alone.

Even though there are optimistic traders, those expecting a bounce from recent swing lows and aligning with Q3 2024 gains, the short term favors sellers.

A break below $0.50 will confirm losses of early October, allowing XRP to slide towards $0.45 and $0.40 in a bear trend continuation formation.

For buyers to flow back, finding support from September lows, prices must remain steady above $0.50. Any reversal of October 1 and 2 and gains above $0.60 will be massive for optimistic buyers targeting a breakout above $0.66 and to all-time highs.