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The XRP price rose 2% in the last 24 hours to trade at $0.58 as of 03:21 a.m. EST on trading volume that surged 50% to $2.2 billion.
This comes after Ripple said it aims to launch a stablecoin pegged to the USD later this year to challenge the dominance of rivals USDT and USDC.
1/ The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There's a clear demand for trust, stability, and utility.
That's why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.…
— Ripple (@Ripple) April 4, 2024
According to Ripple’s President, Monica Long, the decision to issue a stablecoin on the XRP ledger and Ethereum blockchain is based on the company’s aim to unlock new opportunities for institutional and DeFi use cases across different ecosystems.
XRP Price Set For A Breakout Above The Consolidation Channel
Since December 2023, the price of XRP has been in a consolidation phase, fluctuating within the $0.65 and $0.5 ranges. However, in March, propelled by a surge in the crypto market, XRP experienced a markup phase, briefly surpassing $0.7 before retracing back to $0.55.
From mid-March onward, a noticeable struggle has unfolded between bullish and bearish sentiments, particularly evident in XRP’s endeavors to break out above the consolidation channel.
Nevertheless, XRP continues to trade below both the 50-day and 200-day SMA, aligning with the recent downtrend from the $0.75 resistance level.
The Relative Strength Index (RSI) is also dropping from the 50-midline level at 46, which shows that the price may still be in equilibrium. If the bulls exert pressure at this level, the price may soar above the consolidation zone.
XRP Price Prediction
The XRP price analysis shows that XRP is currently in equilibrium, with the bulls aiming to drive the price through a breakout. Suppose the bulls stage a breakout at this level. XRP could soar, with the bulls aiming at reclaiming the resistance level at $0.75.
However, the 200-day SMA crosses above the 50-day SMA, which forms a death cross at $0.62. A death cross often indicates that the asset may undergo a bearish trend, which may be supported by the movement of the RSI toward the oversold region. In such a scenario, the price may undergo a retrace back to the support zone at $0.50.
Meanwhile, buyers are also buying eTukTuk, an eco-friendly crypto that analysts say has the potential to soar 10X after launch.
Best Eco-Friendly Crypto To Invest In, Get 10X Gains
eTukTuk (TUK) is a cryptocurrency that aims to revolutionize transportation’s future by adopting environmentally friendly practices and to develop sustainable transport solutions while addressing global economic disparities.
1/ As our world races ahead, personal vehicles surge, bringing environmental challenges. But there's hope! 🚗❌
Today, we explore cities championing eco-friendly public transport.
Buckle up! 🌿 pic.twitter.com/joRizVjYRh
— eTukTuk (@eTukTukio) February 7, 2024
The token continues to make significant strides towards its goals, with its presale amassing over $2.8 million as it hurtles towards its target of $2.9 million in its current stage.
We've hit a major milestone, raising $2M in our pre-sale!
Thanks to our incredible community for your support.
Rest assured, these funds will fuel our mission for a sustainable future 🚀https://t.co/4kiTWB8U8Z
— eTukTuk (@eTukTukio) March 20, 2024
Buy And Stake $TUK For 97% Annual Rewards
eTukTuk allows investors to earn passively by buying and staking $TUK tokens for a 97% annual percentage yield (APY).
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. 💫 pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
You can also earn through their play-to-earn (P2E) game, Crazy Taxi, that is set to launch soon, where you can $TUK tokens by ferrying passengers to different locations on the busy streets of Sri Lanka.
According to Jacob Bury, a crypto analyst and YouTuber, eTukTuk could soar 10X after launch.
You can participate in the presale by purchasing $TUK at $0.0295 per token before the price increases in less than six days.
You can buy $TUK tokens today by visiting the official eTukTuk website here. Swap BNB or USDT for $TUK tokens or buy directly using your bank card.
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