On 28th September, Ripple, having announced its stablecoin launch in early September, minted its first stablecoins, which monikered RLUSD. The cross-border payments company minted 350,000 RLUSD in two sittings; the first transaction included 300,000 RLUSD, and the second transaction was 50,000 RLUSD.
On 30th September, a software developer from the XDC Foundation named Quincy Jones stated his support for the XRP token, implying that it could reach as high as $100,000 and, if luck has it, make the $1,000,000 mark.
#Ripple Mints 350,000 #RLUSD Stablecoins In 24-Hour Milestone #XRP https://t.co/APuGpQn3Tv
— XRP CAPTAIN (@UniverseTwenty) September 30, 2024
XRP Price Analysis:
Short-term:
At press time, XRP’s price is $0.6446. To understand if XRP’s price would reach the $100,000 threshold, we shall refer to MACD analysis. The MACD line recently crossed over the signal line, indicating a high bearish probability of starting in the market. Currently, the 1-hour MACD technical analysis of XRP proves that the selling pressure around the XRP token has increased, and the price is starting to chop sideways. The red bars in the histograms also validate that a bearish momentum is building. The growing size of the red bars further confirms that the downward pressure is strengthening. Early in the chart, the green histograms showed an upward trend in prices. Unfortunately, the trend has now reversed. The short uptick in XRP price could be attributed to Ripple’s stablecoin minting, which boosted market morale.
Long-term:
In the long run, XRP’s price might consolidate and set foot for an upward trend, as suggested by the 12-hour MACD analysis. XRP still seems to be in a bullish move, showing potential for further substantial profits as the MACD lines have crossed the signal line. The histograms are turning bright green, indicating that Ripple’s recent strategic shift to enhance the utility of XRP Ledger, such as the unveiling RLUSD, has also contributed to the price boom. This aligns with positive XRP prediction trends, suggesting that XRP could see significant growth in the future.
Monica Long, president of Ripple, said RLUSD is now listed on CoinGecko and would provide investors with more visibility and accessibility, adding a critical layer of confidence to the broader financial inclusivity goals of Ripple.
If the 1-hour MACD also returns to a bullish crossover, it could solidify a bull run. However, the possibility of Ripple reaching the $100,000 mark is highly unlikely in 2024, even if bullish momentum picks up. The price of XRP may easily hit $100,000, but that would be like expecting pigs to fly. The 1-hour MACD provides insights into the volatility of XRP, even though, from a broader perspective, XRP is enjoying a bullish sentiment. Investors should strategize their trades accordingly on the basis of DYOR-ing.
