Ripple's RLUSD stablecoin is on the way, XRP price surges
XRP has been gaining momentum recently, surpassing Binance Coin (BNB) and successfully taking the fifth place in terms of market capitalization. XRP's current market capitalization has reached $107 billion, just one step away from Solana, which ranks fourth. Solana currently has a market capitalization of $115 billion and is trading at around $242. As prices continue to rise, XRP is expected to challenge Solana's position and may rewrite the market landscape.
The biggest highlight that has driven XRP's surge is Ripple's upcoming RLUSD stablecoin. According to FOX Business reporter Eleanor Terrett, this stablecoin is close to approval by the New York Department of Financial Services (NYDFS) and will most likely be launched on the mainnet. This news is like a shot in the arm, greatly boosting market confidence and making investors more optimistic about Ripple's future.
ETF is coming, XRP is facing an opportunity to "explode"
Following the hot launch of Bitcoin and Ethereum spot ETFs, the market began to look forward to the next wave of ETF craze. Bitwise experts predict that XRP and Solana will be the next beneficiaries. What is more worth looking forward to is that Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), plans to step down in early 2025, which may make the regulatory environment of the crypto market more relaxed. For XRP, this is undoubtedly a great opportunity to welcome the next round of breakthroughs.
On-chain activity surges, with whales rushing in to boost the market
On-chain data shows that the XRP network is accelerating its "take-off". In the past month, its number of active accounts has skyrocketed from 15,592 to 47,044. This wave of momentum has attracted not only traders, but also whales. According to Coinglass data, XRP's open interest (OI) soared 26% in 24 hours, reaching a total of US$3.19 billion.
From a technical perspective, XRP has maintained its upward momentum after breaking through the bull flag pattern. Currently, XRP's target resistance level is $1.95-2.00, of which $1.97 is an important historical level and is expected to become a strong resistance point. If it successfully breaks through, the coin will usher in a new round of bullish space.
The “Bull Market King” is back, can XRP lock in a new high?
XRP further consolidated its market value position after hitting a 42-month high of $1.92. Many analysts believe that XRP is on the eve of a full-scale outbreak - strong on-chain data, positive market sentiment, and Ripple's continued expansion of the ecosystem may bring this token to the glorious moment of the "$2 club".
As for whether XRP can further surpass Solana and even reach the top three in market capitalization, the battle has just begun!
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