XRP hovers around $0.47 with Ripple PresidentÂ’s statement on RLUSD stablecoin
- Ripple President Monica Long commented on the upcoming stablecoin Real USD and its impact on XRP.Â
- Long said stablecoin and XRP are complementary and additive, addressing the concerns over the RLUSD launch.Â
- XRP edges higher and holds above $0.47 on Friday.Â
Ripple (XRP) President Monica Long recently appeared on The Block Podcasts and addressed XRP trader concerns about the stablecoinÂ’s launch. The payment remittance firmÂ’s stablecoin is called Real USD (RLUSD) and is slated for launch in 2024.Â
Long shared her views on the stablecoin, its role in the ecosystem, the Real World Asset (RWA) narrative, and the institutional pivot on crypto.Â
Daily digest market movers: Ripple President answers burning questions on Real USD and XRP
- Ripple President Monica Long spoke about the firmÂ’s upcoming stablecoin, Real USD, and its relationship with XRP.Â
- In the podcast interview, Long answered questions on the nature of the stablecoin and discussed the RWA narrative and shift in institutional investors and their stance on crypto.Â
- When asked about RLUSD and its impact on XRP, Long said that the stablecoin “complements” Ripple and it is “additive.”Â
- Therefore, RippleÂ’s stablecoin is designed to enhance the cross-border payment remittance narrative and seamless transfers rather than hamper XRPÂ’s utility.Â
- Long explained that XRP will continue to play central in RippleÂ’s payment solutions, RLUSD will be introduced to complement the use of the altcoin.Â
- The last update in the SEC vs. Ripple lawsuit is that the regulator is asking for $102.6 million in fines against RippleÂ’s proposed $10 million.Â
Technical analysis: XRP could extend losses over the weekend
Ripple has been in a state of decline since March 11. The altcoin is struggling to break past resistance at $0.50 and could extend losses by 5%, dipping to support at $0.4508, the June 7 low.Â
The red histogram bars on the Moving Average Convergence Divergence (MACD) momentum indicator supports this bearish narrative.Â
XRP/USDT daily chartÂ
If Ripple begins recovery, XRP could climb toward the nearest Fair Value Gap between $0.4825 and $0.4841. Further up, in its rally towards the psychological barrier at $0.50, Ripple faces resistance at $0.4955, the 23.6% Fibonacci retracement of the drop from the March 11 top of $0.7440 to the April 13 low of $0.4188.Â
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the assetÂ’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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