Ripple's RLUSD Surges Amid Bullish IPO, XRP Price Forms Cup-and-Handle Pattern

Ripple (XRP) price has dropped 17% to $3 due to bearish pressure, despite Bullish's use of RLUSD for its IPO proceeds. RLUSD market cap has surged to $666 million, with a monthly volume of $2 billion. Ripple's RLUSD has become one of the fastest-growing stablecoins, with a 99% volume increase in the last 30 days. The XRP price has formed a cup-and-handle pattern, pointing to potential gains in the future.

Ripple (XRP) price has dropped 17% to $3 due to bearish pressure, despite Bullish's use of Ripple USD (RLUSD) for its initial public offering (IPO) proceeds. Bullish, a Peter Thiel-backed cryptocurrency exchange that went public last week, confirmed that it used RLUSD to receive part of its $1.5 billion IPO proceeds. The RLUSD market cap has surged to over $666 million, with its monthly volume rising to $2 billion. Ripple's RLUSD has become one of the fastest-growing stablecoins, with a 99% volume increase in the last 30 days [1].

The XRP price has formed a cup-and-handle pattern, which often leads to more gains. This pattern comprises a rounded bottom and a consolidation, part of the handle section. The handle section resembles an inverse head-and-shoulders pattern, which also signals potential gains [2][3]. The XRP price remains above the 50-day and 100-day Exponential Moving Averages, indicating substantial support [1]. Therefore, the token is expected to have a strong bullish breakout, potentially reaching the psychological level of $5.2. However, a drop below the head section at $2.7 could invalidate the bullish outlook [1].

The recent surge in RLUSD's market cap and volume is attributed to its increasing utility and liquidity. Bullish's use of RLUSD for IPO proceeds demonstrates the stablecoin's growing acceptance and integration within the digital asset ecosystem. The passing and signing of the GENIUS Act, which introduces guidelines governing the industry in the United States, is expected to further benefit RLUSD and, consequently, XRP [1].

In addition to the bullish technical patterns, several catalysts support the potential XRP price rally. Whales continue to accumulate XRP, signaling their expectation of a price rebound. The upcoming approval of 10 spot XRP ETFs by the SEC is also anticipated to drive significant inflows from American investors [3]. Furthermore, the rising RLUSD market cap contributes to the utility of the XRP Ledger, potentially leading to higher fees and more XRP burning, which reduces the amount in circulation [1].

The Ripple price crash below the crucial support at $3 today, August 18, marks a significant decline. However, the formation of a cup-and-handle pattern and the growing acceptance of RLUSD provide potential opportunities for investors to consider. The upcoming XRP ETF approval and the continued whale accumulation are additional factors that could drive the price higher in the coming weeks [2][3].

References:

[1] https://crypto.news/xrp-price-pattern-points-to-a-surge-as-bullish-uses-rlusd-in-its-ipo/
[2] https://www.fxempire.com/forecasts/article/xrp-price-news-ripple-eyes-3-4-breakout-as-rlusd-market-cap-soars-past-600m-1541188
[3] https://coingape.com/markets/popular-analyst-sees-xrp-price-surge-after-forming-too-perfect-pattern/