bullish

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<p class="is-style-lead">Ripple, the popular payment-focused cryptocurrency, is nearing a crucial level ahead of the upcoming RLUSD stablecoin launch.</p> 
<p>Ripple (<a href="https://crypto.news/price/xrp/" target="_blank">XRP</a>) was trading at $0.5850 on Tuesday, Sept. 17, where it has remained for the past few months, giving it a market cap of over $32 billion.</p> 
<p>The next big catalyst for the XRP price will be the launch of its stablecoin, RLUSD, which will be backed 1:1 by the U.S. dollar.</p> 
<p>Ripple hopes the stablecoin will become a significant player in an industry that has attracted over $172 billion in assets.. Tether (<a href="https://crypto.news/price/tether/" target="_blank">USDT</a>), the largest stablecoin globally, holds over $118 billion in assets. It also generates billions of dollars in revenue, making it more profitable than BlackRock, a company with over $10.7 trillion in assets.</p> 
<p>Ripple’s biggest challenge will likely be the competitive nature of the stablecoin industry, where Tether has become highly dominant. Other popular stablecoins Ripple will compete with include (<a href="https://crypto.news/price/usd-coin/" target="_blank">USDC</a>), Dai, and PayPal’s PYUSD.&nbsp;</p> 
<p> You might also like: <a rel="" href="https://crypto.news/paypal-stock-on-the-rise-as-pyusd-market-cap-nears-1b/"> PayPal stock on the rise as PYUSD market cap nears $1b </a> </p> 
<p>XRP price will also likely react to the upcoming Federal Reserve decision, which could drive more demand for risky assets. Ripple has historically performed well when the Fed has taken a dovish stance. It surged to a record high of $2.00 in 2021 when the Fed slashed interest rates to zero due to the pandemic. However, it dropped by over 60% in 2022 as the Fed hiked rates.</p> 
<h2 class="wp-block-heading" id="xrp-price-nears-a-crucial-level">XRP price nears a crucial level</h2> 
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 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/09/xrp-price.png" alt="XRP price" class="wp-image-14298326">
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  XRP price chart | Source: <a href="https://www.tradingview.com/symbols/XRPUSD/?exchange=BINANCE" target="_blank" rel="nofollow">TradingView</a>
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<p>Technically, Ripple has traded sideways over the past few months. This price action has resulted in the formation of a symmetrical triangle pattern, connecting its highest swing since November 2021 and its lowest levels since June 2022.</p> 
<p>The two lines of the triangle are now nearing a confluence point. XRP has also moved slightly above the 50-week and 200-week exponential moving averages, while the accumulation/distribution indicator is pointing downward. It has also formed a bullish flag on the monthly chart.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$XRP</a>: “This near 7-year compression will be coming to an end soon. The mother of all bull flags.” –<a href="https://twitter.com/CredibleCrypto?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@CredibleCrypto</a><br><br>As I’ve said many times… <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$XRP</a> cannot, and will not, stay in this range against the dollar forever.<br><br>I firmly believe <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$XRP</a> will ultimately hit a new all time high. <a rel="nofollow" href="https://t.co/mWkR22cIik" target="_blank">https://t.co/mWkR22cIik</a></p>— Moon Lambo (@MoonLamboio) <a href="https://twitter.com/MoonLamboio/status/1835948155549995372?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 17, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>Therefore, Ripple is likely to make a significant move in the next few weeks. A volume-supported breakout above the upper side of the triangle could push it to the psychological level of $0.9315, its highest swing in July 2023, which is 60% above the current level.</p> 
<p>Conversely, a strong drop below the lower side of the triangle could see it fall to the next support point at $0.2900, its lowest swing in June 2022 and 50% below the current level.</p>

XRP nears crucial price as triangle pattern points to a 60% jump

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