Ripple (XRP) Price Prediction, December 17: XRP Aims for $4.75 Breakout from Ripple's RLUSD Stablecoin...
Coinfomania’s report confirms that Ripple has officially announced the launch of its much-talked-about stablecoin RLUSD, set to go live globally today, Tuesday, December 17. According to a Monday press release, the USD-backed stablecoin will initially be supported on platforms such as MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEx. This announcement has generated strong bullish sentiment around Ripple’s native token XRP, with analysts suggesting that it could reach a new all-time high of $4.75 if key resistance levels are overcome.
“RLUSD Launch Marks a New Chapter,” Says Ripple President Monica Long
The launch of RLUSD follows regulatory approval from the New York Department of Financial Services (NYDFS), granted on December 10. Ripple had initially hinted at an earlier launch on December 4, raising expectations within the crypto community. In a statement, Ripple emphasized that RLUSD is an "enterprise-grade, USD-denominated stablecoin built with trust, utility and compliance at its core."
Ripple CEO Monica Long reiterated the company’s vision in a post on X (formerly Twitter), highlighting the stablecoin’s design to maintain a 1:1 peg to the U.S. dollar. The reserves backing RLUSD will include U.S. dollar deposits, short-term Treasuries, and other highly liquid assets. To ensure transparency, Ripple confirmed that an independent auditing firm will publish monthly attestations of RLUSD reserves.
The launch of RLUSD marks a new chapter – for both the XRP Ledger and @Ripple for use in our $70B+ payments streams. Combining our 10+ years in business; rigor & compliance required with stablecoin issuance by a @NYDFS charter company; and an experienced Advisory...
— Monica Long (@MonicaLongSF) December 16, 2024
RLUSD will not only serve retail investors but will also fuel Ripple’s broader ambitions in cross-border payments. The company plans to roll out RLUSD to corporate clients starting early next year. On a technical level, RLUSD will be available on both the XRP Ledger and Ethereum Mainnet, allowing on-chain users to interact with DeFi protocols seamlessly.
Adding to its current platforms, Ripple intends to expand RLUSD’s presence to other major exchanges, including Bullish, Bitstamp, and Mercado Bitcoin, in the coming weeks.
XRP Technical Outlook: Bullish Momentum Strengthens
Ripple’s native token XRP has validated a bullish flag pattern, showing strong upward momentum. After breaking out from the flag’s descending trendline over the weekend, XRP tested key resistance at $2.58 on Monday. Analysts are highlighting the 23.6% Fibonacci retracement level as a crucial retracement point, allowing the token to sustain its rally.
If XRP sustains a high-volume move above the resistance levels at $2.58 and $2.92, technical indicators point to a possible rally towards $4.75 – a new all-time high.
XRP/USDT daily chart. Source: TradingView
Market data from Coinglass shows that XRP recorded $18.62 million in liquidations in the last 24 hours. Of this total, US$10.14 million came from liquidated long positions, while US$8.48 million was attributed to shorts. Despite the sell-offs, XRP managed a 1% gain, further highlighting the bullish sentiment.
Key indicators also align with this outlook. Both the Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) are above their neutral thresholds, reinforcing the prevailing bullish momentum.
However, analysts warn that a daily candle close below the support level at $1.96 would negate the current bullish momentum.
With the launch of RLUSD marking a historic milestone for Ripple, its impact on XRP's price trajectory remains a focal point. As the stablecoin integrates with leading platforms and expands its utility, the bullish momentum for XRP could continue to strengthen.
Frequently Asked Questions
1. What is Ripple's RLUSD stablecoin and when will it launch?
Ripple’s RLUSD is a USD-backed stablecoin that maintains a 1:1 peg to the US dollar. It is set to launch globally on Tuesday on platforms including MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEx.
2. How far can XRP go after the launch of RLUSD?
If XRP breaks key resistance levels at $2.58 and $2.92 with high volume, analysts believe it could rally to a new all-time high of $4.75.
3. What will Ripple use RLUSD for after its launch?
Ripple plans to use RLUSD for cross-border payments starting early next year and make it available on the XRP Ledger and Ethereum Mainnet for use in DeFi.
The post Ripple (XRP) Price Prediction, December 17: XRP Eyes $4.75 Breakout as Ripple’s RLUSD Stablecoin Goes Live This Tuesday appeared first on Coinfomania.
