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<ul> 
 <li>Ripple’s announcement of its stablecoin triggered a rapid surge in XRP’s price, experiencing a notable 10% increase within an hour.</li> 
 <li>The stablecoin will be backed by deposits in US dollars and short-term government securities.</li> 
 <li>Despite recent market downturns, XRP managed to break above EMA trend lines.</li> 
</ul> 
In response to Ripple’s initiative to debut its stablecoin on both the Ethereum and XRP Ledger blockchains, XRP experienced a sudden surge in value, witnessing a significant 10% increase within a mere hour.&nbsp; 
The move underscores Ripple’s strategic response to the increasing demand for stablecoins among traders, who seek refuge from the volatile price swings inherent in major cryptocurrencies like Bitcoin and Ethereum.&nbsp; 
Scheduled for release later this year, <a href="https://ripple.com/insights/Championing-Blockchain-and-Crypto-Utility-with-Ripples-USD-backed-Stablecoin/">Ripple’s stablecoin</a> will be backed by deposits in US dollars, short-term <a href="https://cryptonewsland.com/us-govt-liquidating-mt-gox-btc-market-pressure/">US government</a> securities, and other cash equivalents. The initial rollout will see the stablecoin available on Ripple’s institutional-grade XRP Ledger and the Ethereum blockchain, adhering to Ethereum’s ERC-20 token standard.&nbsp; 
The recent market downturn, experienced at the onset of the month and quarter, also impacted XRP negatively. Data indicates a significant liquidation of nearly $2.85 million, coinciding with a decline in XRP’s price to its lowest point in two weeks. Notably, the “Network Realized Profit/Loss” metric suggests a loss of $25.67 million for XRP investors following the price decline. 
However, despite these challenges, XRP managed to break above its EMA trend lines on the 4-hour price chart, reaching a high of $0.617. Although encountering resistance at this level, XRP continues to trade at $0.594, marking a 2.4% surge in the last 24 hours. Moving forward, the dynamics of XRP’s price remain uncertain, with potential resistance at the 100-day EMA and the possibility of either a decline towards $0.52 or a surge towards critical resistance levels at $0.69 and $0.74. 
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The post <a href="https://cryptonewsland.com/ripples-stablecoin-announcement-sparks-xrp-price-surge/">Ripple’s Stablecoin Announcement Sparks XRP Price Surge</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.

Ripple’s Stablecoin Announcement Sparks XRP Price Surge

Crypto News Land

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