Will XRP Price Pump On Major Ripple Announcement? Here's One New Crypto To Watch

• XRP price stuck around $0.5 for months, despite a few spikes to the $0.7-$0.8 range
• Ripple announced a new USD stablecoin and EVM sidechain, which could boost XRP long-term
• New meme coin RECQ from Rebel Satoshi ecosystem is one to watch as it enters later presale stages

If you’re wondering what’s the most frustrating coin to own this year, it’s most likely XRP. The price has barely moved in the last few months, hovering around $0.5. 

However, Ripple made one big announcement yesterday that could help boost XRP’s price in the second part of the year. 

At the same time, one new meme coin called RECQ could be worth watching as we head into summer.

Ripple Announces New EVM Sidechain and Stablecoin

Yesterday, Ripple announced two major things on X.

 First, they introduced Ripple USD (RLUSD), a new 1:1 USD-backed stablecoin that will offer transparency and stability on the XRP Ledger and Ethereum. This stablecoin will launch later this year.

Additionally, Ripple revealed plans for an Ethereum Virtual Machine (EVM) compatible sidechain on the XRP Ledger. The goal of this sidechain is to increase interoperability and unlock new opportunities in decentralized finance (DeFi) and real-world assets (RWAs). 

Ripple’s engineering team, in collaboration with Peersyst, is focused on ensuring the security and seamless user experience of this new sidechain.

The sidechain will use wrapped XRP as the native asset, prioritizing a smooth and secure bridging process. Ripple has chosen Axelar Network as the primary bridge due to its robust security and efficiency in cross-chain transactions. 

It's easy to conclude that Ripple has bigger development activity than XRP price. But, price movements are more interesting for you, right?

XRP Price Analysis and Forecast

The XRP price has been trading around $0.5 for months now, worrying investors. There have been a few spikes to the $0.7-$0.8 area in the last 12 months, but the overall price action has been lackluster. 

The Moving Average Convergence Divergence (MACD) signal line is currently at the same level as the MACD line, indicating a potential shift in momentum. As seen on the XRP chart below, the trend of these lines suggests that the MACD signal line will soon cross below the MACD line, which could signal a bearish move.

The Relative Strength Index (RSI) for XRP is around 41, indicating a neutral market sentiment, but also indicating that momentum is not strong.

XRP has been trading in a sideways channel between $0.4 and $0.7 for months. A sideways channel is a technical analysis pattern that occurs when the price of an asset, in this case XRP, fluctuates between two parallel horizontal levels – acting as support around $0.4 and resistance around $0.7. 

In this pattern, XRP’s price bounces back and forth between these two levels without breaking out decisively in either direction, creating a rectangular shape on the chart. This sideways channel indicates a period of consolidation or indecision in the XRP market.

Traders and investors often use sideways channels like this to identify potential entry and exit points for XRP, as well as to gauge the strength of the $0.4 support and $0.7 resistance levels.

The 200-day moving average for XRP currently stands at $0.56, acting as a potential support level.

While it’s difficult to predict XRP’s short-term price movements, the Ripple announcements could provide a long-term boost. However, the lack of price action in recent months may continue to put new investors on "stand by" until a clear breakout occurs.

New Meme Coin to Watch: RECQ

RECQ is a part of the Rebel Satoshi ecosystem and is currently in the presale stage 2. Almost 50 billion RECQ tokens have already been sold. The current price in stage 2 is 0.0044 USDT, and the next stage price will be 0.0055 USDT. The launch price is set at 0.0125 USDT.

The RECQ token plays a crucial role within the Rebel Satoshi ecosystem, serving as the base currency that facilitates all transactions, purchases, fees, and rewards across the platform. RECQ is used for transactions and interactions within the Rebel Satoshi universe, ensuring liquidity and enabling users to engage with various features and services.

But, how is RECQ used besides this? Well, this coin is used to reward users for their engagement and participation in the platform, including rewards for playing games, completing quests, and participating in lottery/raffle and giveaways. Within the Rebel Satoshi Arcade, RECQ is used for transactions and interactions, allowing players to engage with free-to-play and pay-to-play games.

Additionally, RECQ is used for transactions and purchases within the Rebel Satoshi NFT Marketplace, where users can buy, sell, and trade rare NFTs. The large number of RECQ tokens ensures availability and liquidity for arcade and in-game transactions, as well as ecosystem purchases and rewards.

Conclusion

To sum it up, Ripple’s announcements yesterday regarding the new stablecoin and EVM sidechain could provide a long-term boost for XRP’s price, but it's important to note that this crypto has struggled to make gains in recent months. This is, for sure, frustrating XRP holders.

Investors will closely watch for a breakout from the sideways channel to determine XRP’s next move. 

Meanwhile, the new meme coin RECQ, with its utility within the Rebel Satoshi ecosystem, could potentially be an exciting project to watch as the market heads into the summer.

Featured image sourced from Shutterstock

This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.