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USD/RUB Outlook: Ruble to Get Digital Equivalent in 2022 – Russia Central Bank

The apex bank in Russia will commence the testing of a digital ruble in 2022. This is according to a report from the Bloomberg terminal that quotes the Head of the Russian Central Bank Elvira Nabiullina. 

The first feelers of the Russian Central Bank moving in this direction came in April when the bank indicated its plans to launch a stablecoin linked to the Ruble. With the announcement, Russia joins several other countries in various stages of testing of national digital currencies. A further boost may also come for Bitcoin from this development, as the Russian government is also said to consider using Bitcoin as bridge crypto for contractual settlements.

The Ruble weakened slightly on this announcement, trading 0.19% lower against the greenback. 

Technical Levels to Watch

The upside move will face resistance at the 73.919 resistance level, even as the price trades within a descending channel. A break of the channel’s border and the 73.919 resistance allows the pair to make a push for 74.52. Above this level, the 75.00 psychological resistance (30 December 2020 and 11 January 2021 highs) form the next target, along with 75.249.

On the other hand, a rejection at the double resistance of 73.919 and the channel’s upper border allows for price to continue the slide towards 74.00 (11 May low), with additional downside targets at 73.177 (21 January low) and 72.802. 

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USD/RUB Daily Chart

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