XRP News: Ripple’s RLUSD Stablecoin Supply Hits $120 Million, Fueled by Exchange Listings and Integrations

Ripple's RLUSD stablecoin has recently reached a significant milestone, with its supply surpassing $120 million, driven by multiple exchange listings, integrations, and a shift to the more cost-effective XRPL blockchain.

Ripple’s RLUSD Stablecoin Supply Surpasses $120 Million, Boosted by Multiple Exchange Listings and Integrations

Ripple's RLUSD stablecoin has recently surpassed a $120 million supply, according to blockchain data firm CryptoQuant. The increase in supply has been attributed to an upgrade, which was preceded by expanded activity on the Ethereum blockchain but has since shifted to the XRPL due to cheaper transaction fees. The credibility of RLUSD has been further boosted by multiple listings on exchange platforms, including the recent integration into the Margex trading platform and a listing on Zero Hash. Another key milestone was the stablecoin's integration with the popular financial application Revolut. These developments have facilitated the expansion of the stablecoin supply and its increased accessibility and adoption.

XRP Declines as DOGE Shifts Focus to SEC

XRP saw a 4% decline following an announcement that the Department of Government Efficiency (DOGE), led by Elon Musk, is targeting the Securities and Exchange Commission (SEC) for examination. The XRP community expects a positive outcome from the DOGE's examination of the SEC, which could potentially pause its appeal against a ruling favoring Ripple. However, XRP's price could further decline if it fails to bounce back from current support levels.

XRP Price Pump Predicted to $3.35 with Formation of Bullish Cup and Handle Pattern

The XRP price is poised for a significant increase as a new Cup and Handle pattern emerges on its chart. Crypto analyst Ali Martinez has identified this pattern and predicts that XRP could surge to $3.35, marking a new high for the digital currency. The Cup and Handle pattern, a bullish continuation pattern, indicates a potential price breakout as the cryptocurrency moves upward in a rounded cup shape and corrects downwards, forming a handle. This technical analysis suggests a positive outlook for XRP in the near future.

XRP Price Consolidates Gains, Bulls Remain in Control

XRP price is consolidating gains above the $2.60 zone, indicating that bulls are still in control of the market. However, the price must clear the $2.720 resistance to start a fresh increase in the NEAR term. The price has started a decent upward move above the $2.60 zone but is currently trading below $2.70 and the 100-hourly Simple Moving Average. A break below a key bullish trend line with support at $2.6880 on the hourly chart of the XRP/USD pair suggests a possible pullback, but the overall trend remains bullish.