The digital asset market was pleasantly surprised with Ripple’s stablecoin announcement, which subsequently pushed XRP trading volume up 32% according to CoinMarketCap. Moreover, the asset gained as much as 8% and is currently seeking to return to the $0.60 mark.
Ripple (XRP) has undoubtedly been struggling to reverse its ongoing price correction this week. However, the optimism derived from today’s announcement that seemingly impacted investor interest in the asset. Moreover, the recent increase should bode well for XRP’s perspective heading into the Bitcoin Halving Event.
Also Read: Ripple to Launch Stablecoin Pegged to the US Dollar
Ripple Stablecoin Leads to 8% Increase as Price Seeks $0.6 Mark
Amid the positive sentiment abounding assets like Bitcoin or Solana, stablecoins have remained an interesting subsection of the market. It has often been perceived as after, with less volatility. The industry has long embraced the assets, with Thursday bringing a new player into the ultra-competitive atmosphere.
Indeed, Ripple announced its new stablecoin venture which drove its XRP volume up as much as 32%. Specifically, the announcement has been able to help reverse the ongoing decline trend that XRP has been facing. Even despite the positive news and reaction, it is still down more than 7% over last month, when most assets were gainers throughout March.
Also Read: Ripple XRP Set for Weekend Rally, Could It Hit $0.80?
Trader Kamikaze, a crypto trader on X (formerly Twitter), recently cited Santiment data in reporting the losses that XRP holders have faced since April started. Specifically, its two-week low of $0.56 led to a collective $25.67 million in losses for holders. That was certainly a difficult trend that holders experienced, but one that may be altering course now.
On the technical side, there is the belief that XRP could be on its way to breaking $0.62. That would be important for the asset and could kick off an upward momentum boost that it is severely lacking.
From that point, it could set its sights further on both $0.645 and then $0.663 following its upward trajectory. Moreover, a trip to these levels could be massively important for its state when the Bitcoin Halving even takes place. Many expect that to positively impact all tokens. If that momentum comes to fruition for XRP, it could see massive gains.