XRP Price Rallies Breaking Above $0.63 Key Resistance Level

• At the time of writing, XRP is trading at $0.6466, up 6.45% in the last 24 hours.
• The price climbed all the way till $0.66 level, breaking above the key resistance level of $0.63.

Two significant updates, “fixEmptyDID” and “fixPreviousTxnID,” were recently released to the XRP Ledger (XRPL). Some bullish market sentiment was sparked by the recently offered enhancements, which got positive feedback. This is subsequent to the preceding fixAMMv1_1 amendment’s implementation.

With the impending debut of the USD-backed stablecoin RLUSD, the Ripple ecosystem is eagerly anticipating all of these updates and enhancements. The community is starting to wonder how the possible stablecoin will be affected by all these changes.

In the last 24 hours, Ripple has minted around 99% of the RLUSD tokens on the Ethereum and XRP ledger. With around 800,000 RLUSD tokens minted, Ripple is reportedly very close to launching its stablecoin project.

Bulls in Control

The popular cryptocurrency XRP has recently crossed above the 200-day moving average (200-MA) on its weekly price chart. As part of a larger upswing that started on September 6th, XRP’s open interest has skyrocketed, leading to a 14.12% price gain in the last 30 days.

Following a sharp increase in its open interest (OI), Ripple’s XRP price skyrocketed on September 29. Starting on September 7th, XRP’s IO rose by almost 67%, reaching $932.3 million on September 29th, in line with the price.

At the time of writing, XRP is trading at $0.6466, up 6.45% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 2.58%. The price climbed all the way till $0.66 level, breaking above the key resistance level of $0.63.

 If the price manages to break above the recent high, then it will likely climb all the way to test $0.71 resistance level. However, if the bears drive the price below $0.62 level, then it will likely test $0.57 support level.