The XRP price saw a sudden price jump after the news emerged that fintech firm Ripple intends to launch its stablecoin pegged to the U.S. dollar across the Ethereum and XRP Ledger blockchains.
XRP quickly gained 8% in an hour following the news and dip buying on the markets. At the time of writing, XRP was up 6.13% in the last 24 hours to $0.606 after hitting intraday highs of $0.617.
Technical analysis suggests that XRP could find its next price barrier at $0.62. If this level is breached, XRP might begin a new price uptrend with its sights on the $0.645 and $0.663 levels next. On the other hand, if bearish pressure returns, XRP might find support at $0.5673, with the potential for a rebound.
Meanwhile, eyes are on XRP to adjudge its next move in the wake of the sudden price jump.
Traders previously hit with $25.67 million in losses
The entire cryptocurrency market faced selling pressure at the start of the month and quarter, and XRP was not exempt from the bearish action.
X user Trader Kamikaze, citing Santiment data, reported that in just 24 hours, XRP holders suffered a collective loss of $25.67 million as the digital asset's price fell to two-week lows.
According to Santiment's "Network Realized Profit/Loss" indicator, XRP holders have lost $25.67 million since the price drop, indicating a possible capitulation.
XRP's price fell to a low of $0.562 during today's trading session. Since the beginning of April, the XRP price has fallen sharply, with three straight days of losses. The last two months, February and March, ended in green for XRP, with price increases of 16.75% and 7.91%, respectively. The three-day drop thus negated the gains made over the previous month, with XRP down 5% already in April.