🚀 Ripple Buys Rail — XRP Ready for Stablecoin Revolution!
XRP finds $3.00 support, breaks short-term declining channel as cryptocurrencies rebound.
Rail is bought by Ripple for $200 million to promote stablecoins and blockchain in global payments.
At 34% below July's high, XRP futures Open Interest remains low.
Ripple (XRP) hits $3.08 intraday and corrects to $3.05 Thursday. Ripple bought stablecoin-powered payment platform Rail for $200 million.
Railroad will interface with Ripple Payments, a payments network with market-leading liquidity and over 60 worldwide licenses.
"Stablecoins are quickly becoming a cornerstone of modern finance, and with Rail, we are uniquely positioned to drive the next phase of innovation and adoption of stablecoins and blockchain in global payments," Monica Long of Ripple stated.
Ripple stated the integration of Ripple Payments and Rail would provide stablecoin on/off-ramp, asset flexibility, treasury payments, premium digital asset liquidity, virtual accounts, collections, and enterprise-grade, compliant-ready payments.
As the US removes barriers to crypto industry innovation, Ripple Payments' enterprise-grade and regulatory-compliant flows and liquidity could boost demand for XRP and the RLUSD stablecoin.
After falling 34% to $7.23 billion from its July top of $10.94 billion, XRP futures Open Interest (OI) remains low.
XRP price broke above a 4-hour chart declining channel, continuing the rally from $2.72 support on Sunday. The cross-border money transfer token also maintains above important technical levels, including the 100-period Exponential Moving Average (EMA) at $3.03, the 50-EMA at $3.01, and the 200-EMA at $2.93, indicating short-term bullishness.
XRP might attempt to break the short-term obstacle at $3.10, reached on Tuesday, and the seller congestion at $3.32, tested on July 28.
Price falling below $3.00 support for XRP. The 200-period EMA at $2.93 and Sunday's support at $2.72 are important for traders.
