XRP/USD Daily Chart (Binance) – Source: TradingView
Congrats to those who jumped in back then, you made around 15% on your trade in just a few days.
Now, XRP is nearing a key resistance at the 200-day exponential moving average and also at the $2.65 level. These are relevant threshold that the price needs to overcome decisively (high trading volumes), to keep the rally going.
If such a breakout happens, we could witness a move to $3 in no time, especially if the government puts an end to the shutdown once and for all this week.
Swell Conference Concluded with Ecosystem Growth News
Ripple finished its widely awaited Swell Conference with a decent list of project updates.
The company that oversees the development of the XRP Ledger received a $500 million investment at a $40 billion valuation in a funding round led by Citadel Securities, a titan in the financial industry.
In addition, they revealed a recent partnership with Mastercard, WebBank, and Gemini to launch blockchain-based settlements for Ripple USD (RLUSD) to power the brand-new Gemini XRP Credit Card.
This instrument will allow users to use their RLUSD stablecoin to cover day-to-day expenditures like groceries and gas.
RLUSD recently hit a new milestone upon reaching a market cap of $1 billion, reflecting the market’s growing interest in this stable asset backed by USD liquid reserves. Right now, the token ranks 11th in the list of most valuable stablecoins. It has reached this spot in just a year.
The market also seems to be reacting positively to news that the U.S. government shutdown could soon come to an end as legislators from both sides of the aisle are finally finding some common ground.
On Thursday, the market will digest inflation data for last month. If inflation comes in below analysts’ expectations, this rally could gain further steam as it will improve the odds of a December rate cut from the Federal Reserve.
That said, market participants remain cautious as President Trump’s ongoing trade war with China could introduce new twists to the plot at any minute.320
