XRP price is on the verge of a strong breakout as it enters the fifth phase of the Elliott Wave, following the formation of a bullish pennant pattern on the weekly chart. This article explores the potential price the Ripple token could achieve if Meta Platforms decides to use the RLUSD stablecoin on its highly popular social media platforms.
Will Meta Platforms Select RLUSD Stablecoin?
One of the top recent crypto-related news items was that Meta Platforms was considering using stablecoins for cross-border payments. In this context, the company will integrate one or more stablecoins on its platforms, such as Facebook, Instagram, Threads, and WhatsApp.
The aim is to facilitate easier and cheaper global money transfers. It will also allow people to use these coins on its shopping marketplaces.
Meta has two main options: use existing stablecoins or develop its own. The latter is possible since Mark Zuckerberg has been interested in the crypto industry for many years.
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Meta has several options to consider if it opts to use existing stablecoins for cross-border payments. The most viable option so far would be Circle’s USD Coin (USDC) because it is regulated in the US and Europe.
The other two options are RLUSD and PayPal’s PYUSD because they are also created by American companies and are regulated.
Choosing RLUSD for stablecoin payments would be significant for the XRP price because Meta is the biggest social media company with billions of users. It would also represent the first megascale use case for the stablecoin.
Launched in December last year, RLUSD has grown steadily and now has a market cap of over $320 million. It is one of the most active stablecoins, with a daily volume of over $100 million.
More RLUSD usage would benefit the XRP price, leading to higher fees. Some of these coins would be burned, reducing the coins in circulation. This would also increase demand for XRP as investors anticipate further integration.
Another potential integration could involve X Payments, a solution that Elon Musk has touted since he acquired Twitter.
XRP Price Prediction
Analysts, particularly those at Standard Chartered, predict the XRP price could reach $12.50 by 2028.
The weekly chart shows that the XRP token peaked at $3.40 earlier this year and has been consolidating since then. It gradually formed a bullish pennant pattern, with the flagpole starting at $0.4864 and ending at $3.3970, resulting in a $2.91 range.
Using the pennant pattern, XRP has broken out at $2, indicating a target of $4.90 or $5, approximately 100% above the current level.
This view is supported by the Elliott Wave, which shows that the coin is now in the fifth section. A move above the year-to-date high will point to further upside to $5. If Meta accepted the coin, it would likely head to $10.
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