The price of XRP may be preparing for a major surge amid Ripple's plans to assist central banks in stablecoin. According to a CoinGape report:
Ripple plans to roll out XRP Ledger to central banks to support CBDCs.
XRP seems poised to surpass $ 0.4 after the formation of a falling wedge.
The XRP price has remained generally stable over the past few days, although it dropped to $ 0.25 , mainly due to Bitcoin falling to $ 30,000. The recovery was gradual, with the $ 0.3 significant hurdle limiting price movements.
At the time of writing, XRP is trading at $ 0.288 while battling to keep support at the 50 Simple Moving Average on the 4-hour chart. Price action above this moving average is likely to result in two major moves: pushing the base above $ 0.3 and beating the descending pattern.
The 4-hour chart shows that the 200 SMA could absorb some of the buying pressure after the expected recovery, delaying the recovery. However, XRP could experience a rapid rise above last week's $ 0.4 resistance.
On the other hand, Ripple is reportedly planning to make a presentation to central banks despite its ongoing lawsuit with the United States Securities and Exchange Commission.
The company is looking for three central bank technical partner managers for its New York, London and San Francisco offices. Managers will assist in the design and deployment of the central bank digital currency (CBDC initiatives).
Ripple believes that XRPL was developed to "support the launch of a stablecoin with a unique, interchangeable token functionality called Issued Currencies ." This move could also point to Ripple's reliance on its technology and that it is unlikely to be derailed by the ongoing lawsuit.