• Republic of Palau is exploring the prospect of developing a national stablecoin with Ripple Labs.
• XRP/USD is currently trading at $0.3560 with a small bearish bias.
• Investors can look to alternative coins with huge potential such as FightOut (FGHT).
The crypto market has been in a bit of a slowdown recently, with XRP struggling to break past the $0.3715 level. However, despite the market’s current bearishness, several governments are interested in joining the world of cryptocurrencies and are actively exploring the possibility of creating a national stablecoin.
One such government is the Republic of Palau. In September, the country’s President Surangel S. Whipps Jr. revealed to Bloomberg’s Joanna Ossinger that the country’s IT staff was collaborating with Ripple Labs to investigate the possibility of creating a national stablecoin. This news has put some bearish pressure on the XRP/USD pair, with the two trading at $0.3560 at the time of writing.
Looking at the technical indicators, the MCD and RSI are both trading in a bearish zone, signifying that the market is in a strong selling trend. This means that a break below the 0.3560 level may expose the XRP price to the next support level of 0.3445. However, a bullish breakout of the 0.3715 level could lead to a surge in the XRP price, potentially up to 0.3810.
In light of the current market conditions, investors may look towards alternative coins with huge potential. One such coin is FightOut (FGHT). The platform functions similarly to a personal trainer, offering users a variety of fitness guides and programs to help them live a healthier lifestyle. In addition, the platform is powered by a blockchain-based system that rewards users for completing tasks and challenges.
In conclusion, the Republic of Palau is actively working with Ripple Labs to explore the possibility of creating a national stablecoin. This news is putting bearish pressure on the XRP/USD, which is currently trading at $0.3560. Looking at the technical indicators, the MCD and RSI are both trading in a bearish zone, signifying that the market is in a strong selling trend. As such, investors may look to alternative coins like FightOut (FGHT) with huge potential.