XRP Struggles to Break Above $0.63, Finds Short-term Support at $0.60

In a few weeks after beginning beta testing, Ripple minted the first tokens of its forthcoming stablecoin, RLUSD, on Ethereum and the XRP Ledger.

After beginning beta testing a few weeks ago, Ripple has now minted the first tokens of its upcoming stablecoin, RLUSD, on both Ethereum and XRP Ledger. Earlier this year, Ripple announced their new stablecoin, marking their first venture into the $177 billion stablecoin market. According to CEO Brad Garlinghouse, the token’s release was long overdue.

In the global markets, Ripple’s on-demand liquidity (ODL) solution, which utilizes XRP as a liquidity provider for rapid cross-border settlements, has continued to thrive despite the company’s four-year legal battle with the U.S. SEC. Several nations, including Japan and a few in the Middle East, have reportedly benefited from Ripple’s ODL service.

A recent massive XRP transaction has caught the attention of the crypto community, indicating the possible emergence of a new whale. According to Whale Alert, an anonymous wallet sent 99,225,384 XRP, valued at $61,644,558, to a new unknown wallet.

Short-Term Support at $0.60

Ripple's native cryptocurrency, XRP, has seen significant price action recently, with another failed attempt on Saturday to break past the crucial resistance at $0.63. On the other hand, there is new short-term support for the XRP price at the $0.60 level. Despite the token being rejected multiple times at the $0.63 resistance over the past month, analysts remain optimistic.

At the moment, XRP is trading at $0.6028, down 1.41% in the last 24 hours, according to data from CMC. Furthermore, the trading volume is down 20.57%.

If the price manages to climb above the $0.61 level, then it will likely retest the $0.63 resistance level. Breaking above this level, will likely see the price testing the $0.65 mark. On the other hand, if the price breaks below the $0.60 level, then it will likely test the $0.58 support level.

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