The cryptocurrency targeting global payments, XRP, is facing headwinds. Its price is currently trading at $2.45, representing a 6% and
19% decline in the past day and week, respectively.
XRP fell as low as 8% today (Wednesday), reaching a
low of $2.3567. With the broader crypto market stabilizing after concerns over
global trade policies, optimism remains that XRP can break into double-digit
territory.
According to the TradingView chart, XRP is trading at a key support level of $2.03, with a significant liquidity wall building below this mark. Below this price level, XRP could drop further. The next support level tested on February 3 is $2.04, which is the next level to watch.
Will XRP Reach $20?
Despite the recent pullback, XRP could reach an
intermediate target of $5 and a long-term peak at $20. While a rebound from the
$2 demand zone provided some relief, failure to hold the $2.50
level could lead to further downside, with potential drops to $2 and $1.60.
Beyond price action, Ripple’s RLUSD stablecoin has
reportedly gained significant traction, surpassing 105,000 transactions on the
XRP Ledger (XRPL) just two months after its launch.
In contrast, only 4,109 transactions have occurred on
the Ethereum network, suggesting users prefer XRPL’s efficiency and lower fees.
RLUSD was introduced in December after receiving approval from the New York
Department of Financial Services (NYDFS).
.@Ripple x @Chainlink: $RLUSD has adopted the Chainlink standard for verifiable data to fuel DeFi adoption with real-time, secure pricing data. The future of stablecoins is here: https://t.co/mq3cThLGQJ pic.twitter.com/993Ac0o282
— Ripple (@Ripple) January 7, 2025
XRP Ledger Activates New Feature
Meanwhile, Ripple has partnered with Chainlink to enhance RLUSD’s
adoption in decentralized finance (DeFi). Chainlink’s Oracle network will be leveraged for accurate and secure price feeds.
As XRP continues its volatile journey, analysts and
traders closely watch key technical levels, with many expecting a breakout in
the near future. If XRP can reclaim its critical resistance zones, the
ambitious long-term target of $18 may not be far-fetched.
This article was written by Jared Kirui at www.financemagnates.com.
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