Upbit has announced that it will suspend Synthetix (SNX) deposits starting from April 24 at 15:00 KST. This action comes after the sUSD stablecoin failed to maintain its peg to 1 USD, causing significant volatility in the SNX token. The Digital Asset eXchange Alliance (DAXA) has also flagged SNX as an “investment warning asset,” signaling potential risks for investors. The suspension aims to protect users amid these concerns.
The Ripple USD (RLUSD) stablecoin has witnessed a surge of over 100% in its 24-hour trading volume. This development has occurred thanks to recent developments in the Ripple ecosystem, which will ultimately boost the stablecoin’s adoption.
Ripple USD Stablecoin Volume Surges Over 100%, Here’s Why
CoinMarketCap data shows that the Ripple USD stablecoin volume has surged by 120% in the last 24 hours, indicating increased activity around the stablecoin. This development is a positive for the stablecoin, which launched in December last year but has already achieved a market cap of almost $300 million.
The recent surge in the RLUSD stablecoin’s volume is thanks to developments such as Ripple’s 1.25 billion acquisition of the prime broker Hidden Road.
Following the announcement of the acquisition, the crypto firm mentioned that the move would reinforce the stablecoin’s position as an “enterprise-grade USD-backed stablecoin with real utility” as the prime broker leveraged it as collateral across its prime brokerage products.
As such, the stablecoin is already enjoying wider adoption, although the Hidden Road deal is still subject to regulatory approval. Another reason the Ripple USD stablecoin’s volume has surged is due to the crypto firm’s integration of the stablecoin into its payment service.
As CoinGape reported, Ripple integrated its stablecoin with its cross-border payment service, setting up the stablecoin for more enterprise adoption. With Ripple’s payment service booming, especially with the SEC lawsuit, the stablecoin will continue to enjoy wider adoption,, and its trading volume will likely continue to surge in the foreseeable future.
The RLUSD stablecoin’s volume has also surged thanks to Kraken’s recent listing of the stablecoin. Earlier this month, the top crypto exchange announced that the stablecoin is now available for trading, with deposits and withdrawals enabled. Kraken’s listing further provides more utility for the stablecoin as traders move to trade several crypto assets in their RLUSD pair.
Meanwhile, it is worth mentioning that the stablecoin’s surge undoubtedly provides a bullish outlook for XRP, as this surge indicates that more capital is flowing to the XRP Ledger (XRPL), which is also home to the altcoin.
Lately, the XRP price has refrained from displaying massive moves with a potential to march towards the higher targets. Meanwhile, the drop in the strength of the bulls could raise some concerns for the upcoming price action. The price has been moving quietly, down by 5.34% since the start of the week after losing a similar margin during the weekend. However, the bears have held a tight grip over the rally, which suggests the support at $2 could be broken in the coming days.
The XRP price is in the state of confirming a bearish pattern in the short term as it heads towards the critical support zone around $2.04. A drop below the range is expected to initiate a further decrease. However, breaking the range could present some challenge, as the bulls have captivated the range and have prevented it from draining below the range. However, the volatility of the token has slashed hard, which suggests the price may remain consolidated for a while before initiating the next price action.
The daily chart of XRP price suggests the token is trading on a crucial support at the 200-day MA at $2.07. Although the token has triggered a rebound, the bullish divergence is yet to be validated, which could occur once the price rises above the average bands of the Bollinger. These bands are going almost parallel to each other, hinting towards a drop in the volatility as the bulls and bears are failing to exert pressure.
Meanwhile, the RSI and MACD hint towards a bearish continuation, which could raise some concerns.
The MACD, which has just risen into the positive range, triggered a bearish crossover and is heading back into the negative range. Besides, the RSI has been maintaining a steep descending trend and plunged below the average range. This suggests a significant drop in the strength of the rally that may compel the price to remain within a consolidated range. Hence, the XRP price is believed to drop below the descending trend line for a while, which could attract buying volume, but a rebound to $2.5 remains highly dependent on the volume induced.
Therefore, the buy zone for the XRP price could be around $1.85, which is a strong support and a potential reversal area, triggering an entry. A confirmed bounce from the range between $1.85 and $1.90, the targets could be $2.95 after surpassing $2.5 and later at $3.39 and $3.87.
The post XRP Price Heading Towards the Critical Support-Will it Drop Below $2? appeared first on Coinpedia Fintech News
Lately, the XRP price has refrained from displaying massive moves with a potential to march towards the higher targets. Meanwhile, the drop in the strength of the bulls could raise some concerns for the upcoming price action. The price has been moving quietly, down by 5.34% since the start of the week after losing a …
