XRP has gained over 4.27%, with its price trading at $2.51.
Ripple announced its RLUSD stablecoin will officially launch on Dec. 17.
Ripple’s XRP has surpassed Tether (USDT) to become the third-largest cryptocurrency by market capitalization. XRP’s recent series of surges has made waves in the crypto ecosystem.
The legal battle of Ripple with the U.S. Securities and Exchange Commission (SEC), which accused the company of selling unregistered securities, had a favourable turn. It likely renewed investor confidence and triggered XRP’s recent rally.
Notably, Ripple’s long-awaited stablecoin, RLUSD, is launching on December 17, after receiving approval earlier this month from the New York State Department of Financial Services (NYDFS). Following this, the market analysts anticipate XRP price to possibly explode, potentially reaching new all-time highs.
In the early hours, XRP traded at $2.39; later, it plunged to the daily low of $2.34. As the bulls took control, the asset began trading on the upside, visiting its daily high of $2.57. At the time of writing, the altcoin trades at $2.51, gaining a moderate 4.27%.
Furthermore, a $17.81 million liquidation of XRP was observed in the market during this timeframe, as per Coinglass. Also, the asset’s daily trading volume rested at $12.2 billion.
Is XRP’s Uptrend Built to Last?
The altcoin’s 24-hour trading window shows positive recent price momentum, as the short-term 9-day moving average is above the long-term 21-day moving average. XRP’s daily relative strength index (RSI) is 62.20, inferring the asset is in the neutral zone within the market.
It’s crucial to note that the Moving Average Convergence Divergence (MACD) line of XRP has briefly crossed above the signal line. This crossover suggests that the current momentum is shifting upward, and the buying pressure on the asset may increase.
XRP chart (Source: TradingView)
Moreover, Chaikin Money Flow (CMF) is the technical indicator determining the capital flow into the asset. This indicator is found to be stationed at 0.02, which signals positive money flow and buying pressure in the market. In the meantime, XRP’s daily trading volume has soared by over 80.61%.
XRP’s four-hour price movement exhibits a fleeting bullish sentiment. The altcoin could climb higher only if the current momentum strengthens. If this happens, XRP might retest the $2.56 resistance zone. A steady uptrend could lead the asset to break through crucial resistance levels and gain further.
XRP might struggle to break the nearby $2.52 level if the downtrend turns up. The asset could face a pullback, and the altcoin may test the $2.44 range on the downside if bearish pressure intensifies. Eventually, it leads to revisiting XRP’s previous lows.
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