Here’s Why XRP Price Could Rally 30% as RLUSD Hits $1.55B Amid BlackRock’s Stablecoin Push

XRP price has dropped by more than 2% today, May 8, but this is not an isolated case because the rest of the market was in the red. But all hope is not lost for XRP bulls because there is a symmetrical triangle pattern reading that the price might move up by 30%. The catalyst for this could be the Ripple USD (RLUSD) stablecoin that just achieved a market cap of $1.55 billion, just as BlackRock said it is not against using stablecoins for payments.

RLUSD Market Cap Soars as BlackRock Backs Stablecoin Payments

The market cap for RLUSD just went above $1.55 billion, and this is quite a feat because by March 31, it had a reading of $1.24 billion. It has added $310 million in just seven weeks even with XRP price not going up.

And this might just be the beginning of gains for RLUSD because BlackRock is now saying people can use stablecoins to pay for things. It published a post on X where it said that as long as the regulations are right, stablecoins can do a good job improving payment systems.

The reason why this is good for XRP price is because BlackRock is now in the list of Wall Street names that are getting mentions alongside Ripple. CoinGape reports that JPMorgan will use XRP Ledger to tokenize treasuries.

And this is not all because it is not just in the US where Ripple is attracting the attention of big banks. Ripple partnered with KBank in South Korea to make blockchain payments easier.

XRP Price Eyes 30% If Triangle Breakout Happens

The daily chart shows that a symmetrical triangle has been forming in the shadows despite XRP appearing to be stuck on the surface. But this triangle does not automatically mean that the price is going to go up.

The only way that this triangle is going to favor bulls is if XRP can go above the upper line, because this will mean bulls have won over bears. That would make a 34% gain happen within a short time, and this is going to take XRP price to $1.84.

But all this depends on whether XRP value can remain above the support at $1.35 that the lower Bollinger Band reading is showing. If it slips below here, it will mean that the triangle is bearish, and the reverse will happen, whereby the price will drop by 34% to $0.91.

But bulls still have hope because the BB Trend is on the green side, and this is happening when whales are not selling XRP because their inflows to Binance are at the lowest since 2022.

This might just be the starting point of the 34% move to $1.84, because it shows that some buying is taking place.