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XRP nears crucial price as triangle pattern points to a 60% jump

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XRP nears crucial price as triangle pattern points to a 60% jump

Ripple, the popular payment-focused cryptocurrency, is nearing a crucial level ahead of the upcoming RLUSD stablecoin launch.

Ripple XRPxrp0.72% XRP was trading at $0.5850 on Tuesday, Sept. 17, where it has remained for the past few months, giving it a market cap of over $32 billion.

The next big catalyst for the XRP price will be the launch of its stablecoin, RLUSD, which will be backed 1:1 by the U.S. dollar.

Ripple hopes the stablecoin will become a significant player in an industry that has attracted over $172 billion in assets.. Tether Tetherusdt0.01% Tether, the largest stablecoin globally, holds over $118 billion in assets. It also generates billions of dollars in revenue, making it more profitable than BlackRock, a company with over $10.7 trillion in assets.

Rippleโ€™s biggest challenge will likely be the competitive nature of the stablecoin industry, where Tether has become highly dominant. Other popular stablecoins Ripple will compete with include USDCusdc-0.06% USDC, Dai, and PayPalโ€™s PYUSD. 

XRP price will also likely react to the upcoming Federal Reserve decision, which could drive more demand for risky assets. Ripple has historically performed well when the Fed has taken a dovish stance. It surged to a record high of $2.00 in 2021 when the Fed slashed interest rates to zero due to the pandemic. However, it dropped by over 60% in 2022 as the Fed hiked rates.

XRP price nears a crucial level

XRP price
XRP price chart | Source: TradingView

Technically, Ripple has traded sideways over the past few months. This price action has resulted in the formation of a symmetrical triangle pattern, connecting its highest swing since November 2021 and its lowest levels since June 2022.

The two lines of the triangle are now nearing a confluence point. XRP has also moved slightly above the 50-week and 200-week exponential moving averages, while the accumulation/distribution indicator is pointing downward. It has also formed a bullish flag on the monthly chart.

Therefore, Ripple is likely to make a significant move in the next few weeks. A volume-supported breakout above the upper side of the triangle could push it to the psychological level of $0.9315, its highest swing in July 2023, which is 60% above the current level.

Conversely, a strong drop below the lower side of the triangle could see it fall to the next support point at $0.2900, its lowest swing in June 2022 and 50% below the current level.