XRP Price Prediction as Republic of Palau Works with Ripple to Launch National Stablecoin – XRP to the Moon?
Given the market slowdown, the XRP price prediction remains bearish as it struggles below the $0.3715 level. Despite occasional setbacks, like the bankruptcies and arrests of some of its previous major players, several governments are eager to join the crypto bandwagon and are considering the formation of national stablecoins.
Republic of Palau President Surangel S. Whipps Jr. informed Bloomberg's Joanna Ossinger in September that the country's IT staff was actively working with blockchain company Ripple Labs to explore the prospect of developing a "national stablecoin."
As a result, it is exerting bearish pressure on XRP, causing its price to fall.
The XRP/USD pair is currently trading at $0.3560 with a small bearish bias. The XRP/USD has been struggling under the $0.3715 level, and candle closings below this level have triggered a bearish movement. XRP is currently trading sharply lower near the 0.3576 level. A break below the 0.3560 level may expose the XRP price to the next support level of 0.3445.
Leading technical indicators such as MCD and RSI are trading in a bearish zone, indicating that the market is currently in a strong selling trend. In addition, a bullish breakout of the 0.3715 level could expose a ripple toward the 0.3810 level.
Cryptocurrencies have been trading sideways for weeks, enticing traders to seek out alternatives with better short-term prospects. Investors can get in early on the market's biggest presales.
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