XRP has experienced a surge in price following Ripple's announcement of launching its own stablecoin tied to the U.S. dollar. This news triggered intense buying activity, leading to a 10% increase in XRP's value. Ripple's decision to introduce a stablecoin on both the Ethereum and XRP Ledger blockchains comes in response to the growing popularity of stablecoins among traders seeking to avoid price fluctuations seen in major cryptocurrencies like Bitcoin and Ethereum.

The stablecoin, set to be released later this year, will be fully backed by deposits in U.S. dollars and other cash equivalents. Initially, it will be available on the XRP Ledger and Ethereum blockchain following the ERC-20 token standard. Amidst a downturn in the market, XRP saw a downward trend, with data showing liquidation of nearly $2.85 million and investors facing a loss of $25.67 million.

Currently, XRP is trading at $0.594, showing a 2.4% increase in the last 24 hours after breaking above EMA trend lines and reaching a high of $0.617. However, resistance is expected at the 100-day EMA of $0.612, with a potential decline to $0.52 if the price retreats. On the other hand, surpassing $0.61 could drive the price higher towards $0.69 and possibly reach a critical resistance level at $0.74.