XRP ranks best among the top 10 cryptocurrencies by market capitalization.
The rally comes after Ripple revealed that STASIS had integrated its XRPL technology.
XRP could rise towards the $0.50 resistance level in the near term.
XRP is outperforming the other major cryptocurrencies
XRP is outperforming today despite the broader cryptocurrency market likely to end the week negative. The original coin of the Ripple ecosystem has added more than 8% to its value so far. At the time of going to press, the price of XRP stands at $0.4059 per coin.
The positive performance comes after Ripple revealed in a blog post on Thursday, STASIS – which issues the largest euro-backed stablecoin EURS – integrated the XRPL.
Ripple pointed out that the XRPL offers 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 some of its gains. The total cryptocurrency market cap stands at $827 billion, down less than 1% today. Bitcoin is trading at $16,461, down 0.8% in the last 24 hours, as the price of Ethereum is down 1.6% and is currently trading at $1,181 per coin.
Main levels to watch
The XRP/USD 4-hour chart is bullish as Ripple has outperformed the broader cryptocurrency market over the past 24 hours.
The MACD line is above the neutral zone, indicating that XRP is currently bullish. The 14-day relative strength index of 63 shows that XRP could move into overbought territory if the rally continues.
With the bulls in the lead, XRP could move past the first major resistance level of $0.46977 before the end of the day. However, it would need the support of the broader crypto market to climb to 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 drop to the $0.3742 support level in the next few hours.
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