• The Republic of Palau is teaming up with Ripple Labs to explore the creation of a national stablecoin.

• XRP is up more than 5% today and could be moving higher soon.

• The total cryptocurrency market cap is over $813 billion.

Ripple Labs has partnered with the Republic of Palau

Cryptocurrency journalist Wu Blockchain reported a few hours ago that the Republic of Palau is teaming up with Ripple Labs to explore the possibility of creating a national stablecoin.

President Surangel S. Whipps, Jr. van Palau said the country’s IT team is working with Ripple Labs to explore the creation of a “national stablecoin”. As previously reported, Palau will be issuing ID cards to its digital residents in the form of NFTs on the BNB chain. https://t.co/WM1k9DFZvJ

— Wu Blockchain (@WuBlockchain) December 26, 2022

Palau plans to issue ID cards to its digital residents in the form of NFTs on the BNB chain. This one latest cryptocurrency news saw XRP, the native token of the Ripple ecosystem, rise more than 5% today.

At the time of going to press, the Ripple price stands at $0.3686. After crossing the $0.35 resistance level, XRP could move higher in the near term.

The total cryptocurrency market cap is over $813 billion, up less than 1% in the past 24 hours. Bitcoin price is also up less than 1% today and is now trading near the $17,000 resistance level.

Main levels to watch

The XRP/USD 4-hour chart has turned bullish as XRP has performed well over the past 24 hours. The technical indicators show that XRP has the best performance among the top 10 cryptocurrencies by market capitalization.

The MACD line entered the positive zone a few hours ago, indicating that the bulls have taken control of the XRP market following the Palau partnership with Ripple Labs.

The 14-day RSI of 73 also shows that XRP could enter overbought territory if the rally continues.

With the bulls in the lead, XRP could move past the first major resistance level of $0.3799 before the end of the day. With support from the broader cryptocurrency market, XRP could trade above $0.411 for the first time since November.

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