Plasma partners with Stripe as XPL surges by 10% — Can the rally continue?

Plasma [XPL] saw a price surge of 10.92% following the announcement of its partnership with Stripe, aimed at expanding stablecoin payments across global markets. The partnership triggered interest in Plasma’s payment infrastructure as the development pursued broader stablecoin-backed financial services adoption.

Meanwhile, XPL’s 24-hour trading volume expanded by 65.51% to $114 million. This hinted at greater market participation following the announcement.

Stripe, Plasma push stablecoins into global payments

To be specific, XPL’s partnership with Stripe is focused on developing multi-currency payment cards that would connect stablecoins with everyday transactions.

The proposed cards would reportedly support six currencies including USD, EUR, BRL, MXN, COP, and PEN. The collaboration is aimed at simplifying international payments, while at the same time reducing foreign exchange costs as well as unnecessary conversions.

The initiative will additionally provide multi-currency balance management, allowing users to manage funds across various currencies. Automatic currency selection, which could simplify payments for consumers and businesses operating on a global scale, is also a part of this programme.

Here, it’s worth pointing out that the payment infrastructure already covers more than 30 countries. The expansion plans to target over 100 markets by 2027.

XPL Futures traders ramp up bullish bets

Thanks to the partnership announcement, XPL’s derivatives market recorded significant gains in trading activity and outstanding positions.

According to CoinGlass, the derivatives trading volume jumped by 99.79% to $250.73 million. XPL’s Open Interest also surged by 17.62% to $213.62 million at press time.

Additionally, the 24-hour Long/Short Ratio reached 1.0807, hinting at a slight preference for bullish positions.

Binance’s top traders highlighted a stronger long exposure, with their account-based Long/Short Ratio recording a reading of 1.3607. In fact, their position-based ratio expanded to 2.6971, alluding to a substantially larger concentration of long positions.

The liquidations, however, highlighted the risks accompanying greater leverage. In particular, total liquidations reached $292.74K, including $218.32K in longs and $74.44K in shorts.

Consequently, the long traders accounted for roughly 75% of the liquidations, despite the broader exposure in bullish positioning.

A look at the daily charts

Plasma’s [XPL] price recovery followed a reversal from the $0.07514-support zone, with the bulls pushing the price towards $0.08512. The altcoin, however, still faced an immediate resistance at $0.08996. This level will be important for confirming further upside.

A successful price breakout above that zone could open the path towards the psychological $0.10-region.

Meanwhile, the RSI indicator stood at 45.36, below the neutral-50 threshold. Even though the indicator exceeded its moving average of 44.67, the positioning still implied that buying pressure was relatively weak.

Ultimately, failure to break above $0.08996 resistance could trigger another price pullback towards the $0.07514 support.

Final Summary

• Plasma’s Stripe partnership coincided with a 65.51% surge in XPL’s trading volume.
• XPL now faces $0.08996 resistance, with the RSI below 50 hinting at weak buying pressure.