Ripple's RLUSD will launch today (17th), and the XRP price may also skyrocket. XRP is currently in the later stage of wave three on the daily chart, and this wave may continue to rise further, potentially setting a new historical high.

Although we have not yet seen a clear end to the third wave, it may continue to move upward before a correction appears in the fourth wave. The potential target for the last movement of this cycle could be between $5 and $9.81.

At the time of writing, XRP is trading below $2.50 and has risen more than 2% in the past 24 hours.

RLUSD will go live on Tuesday after receiving regulatory approval.

Ripple's highly anticipated dollar-backed stablecoin is about to go live, following the company's announcement on Monday that RLUSD will launch globally on Tuesday.

Previously, Ripple received approval from the New York Department of Financial Services (NYDFS) to launch a stablecoin on December 10th, whereas the crypto community had anticipated the stablecoin to launch on December 4th.

Ripple stated that RLUSD is a "trust, utility, and compliance-focused enterprise-grade stablecoin" pegged to the U.S. dollar.

The stablecoin is designed to maintain a 1:1 peg with the U.S. dollar, with reserves including dollar deposits, short-term government bonds, and other liquid cash assets.

RLUSD will be launched on platforms such as MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEX. The company stated that it plans to launch the stablecoin on many other platforms such as Bullish, Bitstamp, Mercado Bitcoin in the coming weeks.

Ripple also plans to initiate cross-border payments for its customers using the stablecoin starting early next year.

Additionally, RLUSD will initially launch on the XRP ledger and Ethereum mainnet for on-chain users to utilize across DeFi protocols.

Ripple added that an independent audit firm will publish monthly proof of RLUSD's reserve assets to ensure transparency.

Key price levels and support areas.

Currently, XRP is trading between the 2021 high and the historical high. This area is crucial for understanding potential price movements. If XRP continues to stay above this range, it is very likely to break the historical high, although this is not guaranteed.

Microscopic patterns and short-term movements.

From a microscopic perspective, starting from the peak of fluctuations formed on December 3rd, three waves of downward movement occurred, followed by three waves of upward movement (Wave B). Subsequently, a downward corrective wave C formed, causing XRP to retest the 2021 high and maintain support. This indicates that the short-term price trend remains bullish.

Breaking through the corrective price channel is a positive signal, although XRP has not impulsively exited the channel. The first target after the breakout is usually the starting point of the channel, which is around $2.90. This target is consistent with the typical length of wave C, which often matches the length of wave A.

Be cautious of potential pullbacks.

If the price drops below the $2.33 level and then below $2.28, it may test the lower support area between $2.00 and $2.23. From there, XRP may attempt another rebound.

Ripple's XRP validated the bullish flag pattern after rising over the weekend.

According to Coinglass data, XRP experienced $18.62 million in liquidations over the past 24 hours and is currently up 1%. The total liquidated long positions amounted to $10.14 million, while the short liquidations totaled $8.48 million.

This remittance-based token broke through the downward trend line of a flag pattern over the weekend, validating the bullish flag pattern. XRP further rose after rebounding from the 23.6% Fibonacci retracement level on Monday, testing the resistance level at $2.58.

In terms of pole length, the maximum profit target indicates that XRP may reach a historical high of $4.75. If the volume exceeds the resistance levels of $2.58 and $2.92, it could accelerate the rise to $4.75.

The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above neutral levels, indicating that bullish momentum is dominant.

If the daily candlestick closes below the support level of $1.96, this argument will be invalidated.