• XRP’s downtrend could also be weakening, however technicals recommend additional declines are attainable.
• Meld Gold is about to launch a gold and silver stablecoin on the XRP Ledger, which may result in an increase in XRP.
• Ripple is exploring tokenization alternatives on XRPL, together with probably integrating treasured metals.

Essential developments on the XRP ledger may change the narrative for XRP buyers: Australian firm Meld Gold plans to launch two new stablecoins in Q3 2024, introducing fungible gold and silver belongings onto the XRP ledger.

The president of Ripple introduced that the corporate is actively exploring varied alternatives for tokenization of XRPL. The mixing of treasured metals and blockchain expertise might be a bullish catalyst for XRP, regardless of technical indicators pointing to a weakening of the bearish development.

XRP has been falling for the previous week, however there are indicators that the downtrend is dropping momentum. The chart under exhibits a one-week candlestick chart of XRP with a Heikin Ashi overlay. Heikin Ashi candlesticks cut back the instability and volatility of the market, making the development simpler to see.

Supply: Brett Hill

XRP's latest downtrend is indicated by a collection of decrease lows and decrease highs on the charts. The value is at the moment testing the help degree at round $0.50. If the worth falls under this degree, it might be an indication of additional bearish development for XRP. Nonetheless, if the worth can maintain above this degree, it might be an indication that the downtrend has reached its restrict or that the coin is prepared for a development reversal.

Nonetheless, buying and selling volumes are comparatively low, suggesting an absence of conviction behind the latest value actions, which may imply a weak breakout may happen, whether or not above or under the help ranges.

Furthermore, the Heikin-Ashi candlestick is displaying bearish indicators, indicated by a small physique and lengthy higher wick, suggesting that sellers are taking management and pushing the worth down.

Total, the chart exhibits that XRP is at a vital juncture. If the worth falls under the $0.50 help degree, it may sign additional declines for XRP. Nonetheless, if the worth can rise above this degree, it might be an indication that the downtrend is coming to an finish.

Whereas technical indicators paint a combined image, basic developments might provide a unique outlook for XRP buyers. Each the 50-day and 200-day shifting averages are pointing down. With the Relative Energy Index (RSI) under 50, XRP just isn’t in an oversold situation and has room to fall additional.

Total, technical evaluation means that XRP is in a bearish downtrend, though there are some indicators suggesting the downtrend could also be dropping momentum.

In the meantime, Australian firm Meld Gold plans to launch two new stablecoins in Q3 2024, bringing fungible gold and silver belongings onto the XRP ledger. Ripple's president mentioned the corporate is actively exploring varied tokenization alternatives on XRPL. This improvement marks a major step within the integration of treasured metals and blockchain expertise.