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XRP retested the $1 level after it fell to a low of $1.00 on Friday as investors weighed May's personal consumption expenditures price index reading, the Federal Reserve's preferred inflation gauge, released on Thursday.
The Federal Reserve's primary price gauge rose at its highest level since 2023, reinforcing the central bank's recent tough talk on inflation.
XRP had earlier dropped for three straight days as selling progressed during the week. The price tested a major volume block at $1.06, where over 830 million XRP changed hands, but bulls could not hold this crucial support.
Three potential scenarios
With the $1 level tested, three scenarios might be likely. XRP price rebounded from the $1 level on Friday, with the recovery continuing into Saturday.
XRP currently trades at $1.07, up 2.95% in the last 24 hours. One potential scenario is that the current rebound continues, with the $1.06 level, where 830 million XRP were transacted, seeing buyer support.
Another scenario is a potential consolidation of XRP's price as the market awaits potential catalysts. The third scenario is one in which the price fails to hold above current levels and the $1 level is breached.
In this scenario, transaction history outlines the next major support targets where significant volume previously accumulated. According to Ali, three support levels come into focus amid a $1 breach: the $0.80 level, where 923 million XRP were transacted; the $0.62 level, where 1.16 billion XRP were transacted; and the $0.51 level, where 1.06 billion XRP changed hands.
XRP, RLUSD news
The XRP Ledger now has more RLUSD on-chain than Ethereum, with this latest milestone achieved during the week. According to the Ripple Stablecoin tracker website, the total circulating supply of RLUSD on the XRP Ledger was $810 million, while that of Ethereum is currently $760 million.
The Japan Financial Services Agency approved RLUSD as a new type of electronic payment instrument under the country's Payment Services Act. The Ripple USD stablecoin will be available to both institutions and retail customers through SBI VC Trade.
U.Today Editorial Team
Dan Burgin
