Ripple Launching Stablecoin: XRP Ready for Monster Gains Above $0.66?

XRP prices are technically moving horizontally, without a clear trend definition, though sellers appear to be in control. Even though prices are changing hands at around $0.58 at press time, it is within a broader bear formation. Ripple supporters are tracking multiple developments, hoping they will influence prices positively in future sessions. 

Presently, XRP is up 2% in the past 24 hours. Even so, it is down 7% in the previous trading week. Meanwhile, engagement is also on the rise if the average trading volume is anything to go by. In the past 24 hours, this metric is up 42% to over $2 billion.

The following Ripple and XRP news dominated headlines:

• Ripple, the blockchain company, plans to launch a stablecoin, taking on Tether and Circle. The latter are issuers of USDT and USDC, two of the world’s largest stablecoins that are more valuable than XRP. USDC recently flipped XRP to seventh, commanding a market cap of over $33 billion.
• In the same vein, David Schwartz thinks the stablecoin launch will boost the XRP Ledger (XRPL). Eventually, developers plan to create an active DeFi ecosystem in the XRPL, competing with Ethereum and Solana.

XRP Price Analysis

News of the stablecoin launch is recharging the XRP ecosystem.

XRP/USD prices are firm at spot rates. Though positive, there must be a stronger push, following through on the gains of April 4.

Aggressive traders might look for entries on dips, targeting $0.66.

On the other hand, risk-off traders can wait for a comprehensive surge above $0.66, with rising volume, before picking out entries. Their target will be $0.74, aligning with the bull bar of March 11.

If the stablecoin launch news was a “sell event,” then XRP might contract below $0.57, and the coin might crash to as low as $0.50; confirming the double top formation evident in the daily chart.