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XRP is the best performer amongst the top 10 cryptocurrencies by market cap.
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The rally comes after Ripple revealed that STASIS had integrated its XRPL technology.
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XRP could surge toward the $0.50 resistance level in the near term.
XRP outperforms the other major cryptocurrencies
XRP is performing excellently today despite the broader cryptocurrency market likely to end the week in a negative manner. The native coin of the Ripple ecosystem has added more than 8% to its value so far today. At press time, the price of XRP stands at $0.4059 per coin.
The positive performance comes after Ripple revealed in a blog post on Thursday that STASIS—which issues the largest euro-backed stablecoin, EURS—has integrated the XRPL.
Ripple pointed out that its XRPL provides easy on and off-ramps for developers, institutions and consumers to unlock new stablecoin use cases.
XRP’s rally comes as the broader crypto market sheds off some of its gains. The total cryptocurrency market cap stands at $827 billion, down by less than 1% today. Bitcoin is trading at $16,461, down by 0.8% in the last 24 hours, while the price of Ethereum is down by 1.6% and currently trades at $1,181 per coin.
Key levels to watch
The XRP/USD 4-hour chart is bullish as Ripple has been outperforming the broader cryptocurrency market over the last 24 hours.
The MACD line is above the neutral zone, indicating that XRP is bullish at the moment. The 14-day relative strength index of 63 shows that XRP could be heading into the overbought region if the rally continues.
With the bulls now in charge, XRP could surge past the first major resistance level at $0.46977 before the end of the day. However, it would need the support of the broader crypto market to rally toward the $0.5067 resistance level for the second time this month.
The broader market is bearish, and that could affect XRP’s performance in the near term. If that happens, XRP could dip toward the $0.3742 support level over the next few hours.