This announcement builds on the latest support of USDC announced by Ripple. Alongside its native stablecoin, Ripple USD (RLUSD), the Ripple network can now be used to store and transfer stablecoins at a low cost.
Ripple has been busy lately as it seems to be embarked on a journey to expand their ecosystem to accommodate DeFi applications and possibly many other types of assets like meme coins, real-world assets, and payment platforms that rely on its blockchain.
In addition, XRP’s institutional investment vehicles like exchange-traded funds (ETFs), futures, and trusts have been attracting significant capital.
In Canada, multiple XRP-linked ETFs have been listed already and the U.S. could be next. Moreover, the CME Group recently launched its first XRP futures. These are having their best trading day today with a volume of 779 contracts and open interest of 647 (around $70 million at today’s prices).
All Signs Point to a Retest of the $1.91 Support
Looking at the 4-hour price action, we can see that XRP could be once again trapped in a range between $2.1 and $2.23 if this support area holds in the next few hours.
This appears to be a key decisional level for the market as XRP offers a similar upside and downside risk at this point depending on where the token heads next.
