XRP price has fallen into a bear market after falling by 23% from its year-to-date high. Nevertheless, its strong fundamentals and technicals indicate a robust rebound in September.
Summary
XRP price fell by 23% from the year-to-date high.
Ripple USD stablecoin supply surged to an all-time high of $701 million.
XRP futures kept building steam, three months following their release.
RLUSD and CME Futures growth
Ripple XRP
xrp
0.39%
XRP price fell back to $2.8160 as the recent wave in the crypto space ran out of steam. Still, statistics indicate that the ecosystem is performing well, and it can recover in September.
CoinMarketCap statistics indicate that Ripple USD Ripple USD
rlusd
0.04%
Ripple USD stablecoin is going all out. Its assets breached the $700 million mark on Saturday and surged to an all-time high of $701 million.
RLUSD's growth is even more impressive when compared to PayPal's PYUSD, whose supply was at $1.1 billion two years since it came on board. Its daily trade volume has also surged over the last few months, including its use during the Bullish IPO.
The increasing RLUSD figures is a positive for XRP price since it increases the utility of the XRP Ledger.
Additional figures reveal that there is high demand for XRP assets in Wall Street. CME XRP futures open interest has surged to an all-time high of $1 billion, the quickest contract to do so as it did so in three months.
CME Group reports xrp futures contracts have surpassed $1bil in open interest…
Rapidest-ever contract to achieve same (only slightly more than 3mos).
Already, there are $800+mil in futures-based xrp ETFs.
Wouldn't be surprised if folks were underestimating demand for spot xrp ETFs.
Other XRP-associated assets within the US have seen solid adoption within the United States. The Teucrium 2X Long Daily XRP ETF, for instance, which trades under the XXRP ticker symbol, has accumulated assets in every month since its launch. It currently manages over $352 million of assets.
These figures indicate that American investors will probably embrace the spot XRP ETFs once the Securities and Exchange Commission greenlights them, perhaps in September.
XRP price technical analysis
XRP price
XRP price chart | Source: crypto.news
The daily timeframe chart indicates that the XRP price has retreated in recent weeks. It has fallen from the year-to-date high of $3.6640 to $2.8325.
XRP has continued to stay above the 100-day Exponential Moving Average, indicating that bulls are dominating. The coin has taken the shape of the bullish pennant pattern, which is defined by a vertical line and a symmetrical triangle whose two lines are about to meet.
Hence, the token will most probably witness a strong bullish breakout in the weeks to come, with the next key area to watch at $3.6640, which is 30% higher from where it is currently trading. A break above that level will indicate further gains, possibly to $5.
Disclosure: The article is not an investment advice. The content and materials displayed within this article are intended for educational purposes only.
image source www.crypto.news
Please note that it is not a advise of buy trade of xrp. it is only a technical analysis