- XRP gains rapid speed, targets brakeouts on $ 3.66 record high.
- The XRP laser stabechoin market cap has increased by 46% to $ 166 million in the previous week.
- Crypto Payment Network Jet adds support to Report’s RLUSD
Ripple (XRP) expands the profit for the second day in one line, trading at around $ 3.24 on Wednesday. The XRP reflects the positive market spirit in the Cryptocurrency Cycle Market after the United States (US), the inflation of July came to the expectations below the expectations, leaving for the first interest rate cut in September this year.
If interest in XRP is reflected by derivative market performance this week, the speculative demand may expand the price recovery towards the record high of $ 3.66 on July 18.
The coinglass data on Wednesday highlights an increase of 9% in Derivatives Market Open Interest (OI) at an average of $ 8 billion. Additionally, the amount of 20% increase in volume increases by $ 12.5 million.
XRP derivatives market data | Source | Coalus
XRP Laser Stabcoin Market Surges, adds support to RLUSD
According to Defillama, StableCoin market capitalization on XRP laser (XRPL) has increased by more than 46% in the last week, average of $ 166 million. Ripple USD (RLUSD) is the largest stabechoin on the protocol with 52% dominance.
The total value lock (TVL), which represents the sum of the value of all coins held in smart contracts associated with all protocols on XRPL, is increased from 4% to $ 89 million in the last 24 hours. Should this trend continue, will increase interest in XRP, thus sharp tailwinds on tokens.
XRPL Defi Statistics | Source: Defilama
Meanwhile, Aries, a payment network supporting more than 50 tokens, has announced support for RLUSD. On the platform, traders are now able to accept payments in the US Dollar (USD), which stabechin, while users have the option to pay with RLUSD.
“With Aries now supporting RLUSD, users can easily deposit, transfer, and pay, and traders can accept it in checkouts. Since it can completely return to 1: 1 US dollars, RLUSD can be really trusted by users and traders.”
Technical approach: XRP consolves before the breakout
The XRP is integrating near its weekly high as bulls tighten their grip in broad cryptocurrency markets. Trading at $ 3.26 at the time of writing, XRP shows signs of further stability of an anticipated breakout above the short -term barrier at $ 3.40, which was tested on Friday, and the record high $ 3.66.
The moving average convergence deviation (MACD) confirms the movement in the side of the XRP value, which is slightly above the zero line. Traders should look for a potential purchase signal that will appear with a blue McD line crossing above the red signal line.
XRP/USDT Daily Chart
The relative power index (RSI) XRP increases rapid bias, which is above the middle line. Nevertheless, traders should be cautious as if the RSI falls below the midline, the least resistance will flip down downwards, which increases the possibility of slipping XRP in search of liquidity towards $ 3.00 level and has been provided by 50-day experimental moving averages (EMA) at $ 2.91.
