XRP (XRP) has been declining in the past week as the crypto market seems to have taken a breather from its late April rally.
Sentiment has apparently turned bearish ahead of Wednesday’s meeting of the Federal Open Market Committee (FOMC) as there is a bit of uncertainty about how the U.S. central bank will respond to the latest economic reports.
XRP has booked an 8.9% loss in the past 7 days and has taken a 2.7% loss in the past 24 hours to sit at $2.08.
Despite this temporary setback, the adoption of Ripple’s new native stablecoin – Ripple USD (RLUSD) – seems to be growing and this supports a bullish XRP price prediction.
Data from CoinMarketCap shows that the market cap of this stable asset has been steadily rising since it was launched, moving from $53.2 million to $317 million in just five months.
As companies and individuals progressively embrace RLUSD, the demand for XRP as the network’s utility token will likely grow over time. This favors a bullish outlook for the token despite its latest weakness.
XRP Needs to Stay Above $2 to Keep the Rally Going
Looking at the daily chart, we can see that XRP is currently heading to retest a key support – its 200-day exponential moving average (EMA).
This is a widely watched technical indicator that signals the direction of an asset’s long-term trend.
XRP made a higher high following its 21-day EMA breakout last month. For now, the token’s valid low stands at around $2.02. If the price bounces off this level, the uptrend will be intact.
However, a break below the $2 level would signal that bears have taken control of the price action and will invalidate the uptrend.
This could lead to a retest of the lows seen in early April at around $1.7 per token. Meanwhile, if the price bounces off the $2 area, the odds favor a big push toward the $2.6 lower high first and then to $3.2.
Although XRP may not rise to $100 immediately, its long-term outlook is quite bullish as network adoption grows as a result of the launch of successful decentralized assets like RLUSD.
Meanwhile, as cryptos recover, the best presales like MIND of Pepe (MIND) could outperform well-established tokens like XRP this year.
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The post XRP Price Prediction: Real-World Adoption Is Surging – Is a Breakout to $100 Next? appeared first on Cryptonews.
