Ripple (XRP) Will Hit $1 in April Following the Plans to Launch of its Stable Coin

Ripple XRP’s price has been on a wild ride since the beginning of the year, leaving many holders and enthusiasts wondering what’s next. With the plans to launch a stablecoin tied to dollars, the community is speculating that the XRP price will hit $1. 

But in recent weeks, XRP has taken a hit, dropping by 6.93% in the past week and 10% in the past month. At 05:37 a.m. EST, XRP is trading below $0.60, a crucial level. 

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This level shows a period of sideways movement, where the price is neither rising nor falling significantly. So, with all these ups and downs, will XRP reach the $1 mark by the end of April? Let’s dive into the analysis.

Bulls Holding XRP Above Lower Bollinger Band: Is it a Good Time to Buy?

Right now, XRP’s price is trading above the lower Bollinger Band, which shows that the bulls are actively keeping the price from dropping further. 

Usually, it signals the buyers are in control and protecting it against a bigger selloff. XRP’s price is also above an upward trendline on the chart supporting this bullish strength. 

Note that trendlines connect higher lows. So, above this line further reinforces that the overall uptrend remains intact. Another positive indicator is XRP’s Money Flow Index (MFI) reading of 51. A reading above 50 suggests more buying interest than selling interest.

Together, these technical indicators support bullish sentiment for XRP. With XRP potentially in the early stages of its next bull run higher, investors may want to consider buying now before it gets going. 

The lower price offers a more attractive entry point than chasing it higher after a big move. Of course, no investment decision should be made based solely on technical analysis. 

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Ripple Set to Release Stablecoin – Will This Affect XRP Price

On April 4, Ripple Labs shared exciting news on the X platform. According to the update, the company plans to introduce its stablecoin on the XRP ledger blockchain network. 

This stablecoin, set to debut later this year, will be directly tied to the value of the US dollar.

1/ The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There’s a clear demand for trust, stability, and utility.

That’s why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.…

— Ripple (@Ripple) April 4, 2024

The company stated that various assets, including US dollar deposits, US government bonds, and other low-risk investments, would back it. The stablecoin market is growing rapidly. It’s currently valued at around $150 billion and is projected to skyrocket to over $2.8 trillion by 2028. 

People want stability and reliability, so Ripple is stepping in with its stablecoin. Ripple’s stablecoin aims to provide a more dependable and efficient alternative to coins like USDT and USDC. 

Additionally, it’s expected to attract more investors, boost the ecosystem’s value, and solidify XRP’s role as a global payment solution. Ripple’s plans to launch its stablecoin could significantly affect XRP’s price.

XRP Holders Optimistic about Stablecoin Launch

Early signs on the blockchain on April 4 suggest that XRP holders are gearing up for a positive outcome from the stablecoin announcement. Even though the launch is still months away, data shows a surge in optimism among investors.

XRP’s futures market, Open Interest, saw a significant boost. Within 24 hours of Ripple’s stablecoin reveal, Open Interest jumped from $899 million to $981.2 million. 

This represents a 9% increase, outpacing the 3% growth in XRP’s price that day. When open Interest rises faster than the price, it’s a bullish sign. It implies that traders are betting on XRP’s future success, even if the current price hasn’t caught up yet.

Furthermore, today April 5, 2024, the Open interest is still bullish, up by more than 4.46% in the past 24 hours. The Options Open Interest is currently at $290.9K, representing an increase of 15%. This also supports investors’ growing interest in the future price movements of XRP.

XRP Analysts Predict Future Price Moves

Even though the price of XRP is down slightly, Dark Defender, a popular analyst, is still positive about it. He thinks XRP could go above $1 again, but it might also drop below $0.54, as suggested by a certain point in the Fibonacci sequence.

“None of the above changes the $1.88 or $5.85 targets, but it does give an understanding of different wave structures,” DefenderDark said in his X post.

Dark Defender uses technical indicators like RSI and Elliot Waves, along with past data, to make his analysis. He predicts different price levels for XRP, like $0.97 and $1.5.

Another analyst, EGRAG CRYPTO, also shared thoughts on XRP. On the X Post, the analyst presented two possible outcomes of the coin for the coming months.

#XRP Q1 Candle Closed:

Gate to Valhalla: Above 0.75c
Door of ValHell: Below 0.44c#XRPArmy STAY STEADY, Our path is clear, but remember to secure profits along the way if you are in need because i will do so ???? pic.twitter.com/JqIM8LAEHf

— EGRAG CRYPTO (@egragcrypto) April 1, 2024

He said it could either go above $0.75 or drop under $0.44 soon. The expert says the path to a new high above $10 is clear. Additionally, EGRAG suggested that investors take some profits if necessary.

Before that, on March 31, the analyst said XRP was ready for a bull run because it had closed over the 21-day Exponential Moving Average (EMA) for more than six months.

Two big things that could affect XRP’s price are the Bitcoin halving in April and the outcome of the Ripple vs. SEC case. If Ripple loses, it could lead to stricter rules for the whole cryptocurrency industry. But, if the company wins, the entire community will be bullish.

Meanwhile, investors who can’t risk buying XRP now can consider this new project with great potential.

Ripple (XRP) Alternative

With a remarkable $10 million raised in just over a week, Dogecoin20 is emerging as the most talked-about meme coin in the market. Investors now have a final opportunity to join Dogecoin20’s presale before its DEX launch scheduled for April 20.

During the presale, the price is set at a fixed rate of $0.00022. However, once it hits exchanges, the price will be determined by market demand and supply. 

$DOGE20 Set to Launch on World Doge Day – Will Price Increase?

Meme coin enthusiasts call April 20 (4/20) International Doge Day, boosting interest in the sector every year. This day is special because it’s considered Elon Musk’s favorite. Notably, Musk played a big role in Dogecoin’s success in 2021, which also affected some other meme coins in the market.

On International Doge Day, excitement in the crypto market usually skyrockets, and in 2023, Dogecoin surged over 50% before the day.

Now, with less than a month until the next Doge Day, people expect another meme coin craze. The good news is that Dogecoin20 will launch on DEXs that day, offering new investors a chance to join the market.

Despite the uncertainty, Dogecoin20’s successful presale and its link to Dogecoin suggest a bright future. The project also offers a whopping 106% APY for stakers, although the percentage will decrease as more people enter the platform.

More than 48 billion $DOGE20 tokens have already been staked, showing how massive people are rushing in. Considering all this, the Dogecoin20 project looks very promising. Therefore, visit the official site and grab some coins.