XRP price hangs on a thread as Kraken adds RLUSD

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The XRP price was trading above a crucial support level on Wednesday after Kraken added its stablecoin.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

XRP was trading at $2.10, down over 37% from its highest level this year. The decline has brought its market cap to $126 billion, making it the fourth-largest cryptocurrency. The biggest XRP news was that Kraken, a top American crypto exchange, listed Ripple USD, its stablecoin. The listing gives RLUSD access to over 13 million customers across the U.S. and other countries.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

RLUSD has been growing steadily since its launch a few months ago. Its market cap has jumped to a record high of $243 million. However, there are signs that the XRP price is hanging on a thread. On the daily chart, it is hovering just above the crucial support level at $1.910 which is the 50% Fibonacci retracement level. This price is also notable as the neckline of a head and shoulders chart pattern.