XRP Hits $2.49: Ripple’s RLUSD Approval Fuels 250% Monthly Surge
Ripple’s XRP coin is currently trading at $2.49, having reached an intra-day high of $2.5187.
This marks a notable performance as XRP has gained strong momentum recently. With a 24-hour trading volume of $10.2 billion, XRP has experienced a rise of 7.78% in the last 24 hours.
This surge in XRP’s price comes after a recovery from its weekly low of $1.90, highlighting its significant growth, particularly over the past month, where it has surged by an impressive 250%. XRP’s price movement is primarily driven by several key factors, including recent regulatory approvals and new developments in the Ripple ecosystem.
Ripple’s RLUSD Approval by NYDFS Marks Milestone for XRP and Blockchain Regulation
However, the major factor that has helped XRP’s price rise is the recent approval of Ripple’s U.S. dollar-backed stablecoin, RLUSD, by the New York Department of Financial Services (NYDFS). This approval, which has been highly anticipated by the crypto community, is seen as a milestone for Ripple and the broader cryptocurrency market.
RLUSD is the first stablecoin classified as a “bank-grade” financial instrument, a designation that sets it apart from other stablecoins like USDC and USDT. While the approval applies directly to RLUSD, it has broader implications for the ecosystems supporting it, particularly the XRP Ledger (XRPL) and Ethereum blockchains.
This recognition indirectly validates the use of XRPL and Ethereum for hosting regulated financial assets. The NYDFS approval means that these blockchains meet regulatory standards, such as real-time audits and reserve tracking, which makes them suitable for hosting regulated financial instruments.
Despite this, it’s important to note that the approval doesn’t officially classify XRPL or Ethereum as “bank-grade” blockchains, as this would require explicit recognition from major banking regulators like the Federal Reserve. Still, the approval indicates that these platforms can support compliant operations, which is a step forward in the development of blockchain technology for financial services.
XRP’s Bullish Momentum Strengthened by Technical Outlook and RLUSD Launch
XRP’s recent bullish momentum is also supported by its technical outlook. The coin has sharply reversed from a support level near $1.90 and is now approaching the upper resistance trendline of a descending channel.
A breakout above this resistance level could signal further upward movement, with key price targets of $2.65 and $2.90, representing potential gains of 16% from the current price.
Ripple’s successful launch of RLUSD and the growing interest in XRP are creating strong fundamentals for further price appreciation. XRP’s partnership with Ethereum for the RLUSD launch expands its reach, allowing exchanges that do not support XRPL tokens to still list RLUSD.
This enables XRP to attract investors who may not have previously considered it. With faster and cheaper transactions compared to Ethereum, XRPL offers an appealing alternative for users within the broader cryptocurrency ecosystem.
As XRP continues to gain attention, traders should monitor the resistance levels closely. A successful breakout above $2.50 could further accelerate its momentum.
XRP/USD Daily Technical Outlook: December 14, 2024
XRP is trading at $2.495, down 0.75% in the last 24 hours, as it consolidates above the key $2.400 pivot level. The upward trendline, visible on the 2-hour chart, continues to provide robust support, helping the asset sustain its bullish momentum. Currently, XRP is positioned just below the $2.500 immediate resistance, with further targets at $2.650 and $2.774 if the trendline holds.
The 50-day Exponential Moving Average (EMA) at $2.388 reinforces the trendline as dynamic support, limiting the downside. Meanwhile, the Relative Strength Index (RSI) at 63.85 suggests bullish momentum but warns of possible overbought conditions in the short term.
Immediate support lies at $2.400, followed by stronger safety levels at $2.286 and $2.127. A breakout above $2.500 could trigger a retest of higher levels, potentially extending XRP’s recovery toward its previous highs.
Key Insights:
Trendline Support: XRP price remains supported by an upward trendline, bolstering bullish momentum.
Resistance Levels: Immediate resistance at $2.500, with next targets at $2.650 and $2.774.
RSI at 63.85: Indicates bullish momentum nearing overbought conditions.
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