- XRP price has moved sideways in the last 30 days.
- The Ripple USD (RLUSD) stablecoin growth is continuing.
- The market capitalization of the RLUSD stablecoin has grown to $1.6 billion.
XRP price rose by 3.6% today, March 10, continuing a modest recovery that started on Monday. Ripple rose to $1.4130, up slightly from this month’s low of $1.2710. This recovery may continue in the foreseeable future as the Ripple USD (RLUSD) market capitalization and transaction volume soar.
Ripple USD Market Cap and Volume are Soaring
XRP price could be ripe for a strong uptrend in the coming weeks as its key fundamentals improve. One key factor is the growing demand for Ripple USD (RLUSD) stablecoin.
Artemis data shows that the supply of the RLUSD stablecoin has jumped to $1.6 billion today, a big milestone for a token launched about 15 months ago.
The data shows that the number of transactions rose to 515,000 in the last 30 days, while the adjusted transaction volume soared to $3.5 billion. That is a sign that people are using the coin, especially in the decentralized finance (DeFi) industry.
RLUSD will likely continue to grow in the coming months following Ripple’s several major announcements.
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The most notable one was the recent launch of Ripple Payments, which gives businesses everything they need to move money globally across fiat and digital rails. It comprises managed custody solutions, unified collections, and advanced liquidity.
RLUSD’s growth will also accelerate after the recent improvement of its accelerator program, which has deployed $550 million to developers across the XRP Ledger network. The new changes include a shift towards a more distributed funding model, aimed at attracting more developers.
Ripple Labs also recently launched the Permissioned DEX platform on the XRP Ledger. This platform will enable companies to participate in the DEX industry through a regulated, fully compliant program.
Additionally, Ripple aims to transition the businesses it acquired last year, including Hidden Road and GTreasury, into using its technology. This is important as these technologies will help it save millions of dollars a year in transaction costs.
XRP Price Prediction: Technical Analysis
The 12-hour chart shows that the XRP price has stabilized in the past month. It has bottomed at $1.3215, a level it has failed to move below since the first week of February.
The coin is showing signs of forming a double-bottom pattern, with its neckline at $1.6637. It has also formed a bullish divergence pattern, which happens when oscillators are moving upwards.
The Percentage Price Oscillator (PPO) has continued rising and is about to move above the zero line. Also, the Relative Strength Index (RSI) has continued rising, moving from the oversold level of 11 in February to 54 today.
Therefore, XRP price will likely continue rising as bulls target the key resistance level at $1.6637, up by 20% above the current level. A move above that level will signal further gains, potentially to the psychological $2 level.
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