XRP Market Cap Returns to Top Five
Ripple Labs' XRP has returned to the top five in cryptocurrency market capitalization. According to CoinGecko data, its market cap surpassed BNB, exceeding $100 billion, while BNB's market cap is $94 billion. This leap has placed XRP among the elite with a market cap in the hundred billion range. Currently, XRP is priced at $1.74, with a 24-hour increase of 17% and a monthly increase of 200%, marking its best performance since December 2017. The cryptocurrency is surging past $1.70, the first time it has reached this level since April 2021. XRP is currently ranked after Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Solana (SOL).
Technical Trend Analysis
The daily chart shows that XRP has exhibited a parabolic trend this month, soaring from $0.50 to $1.72. The Relative Strength Index (RSI) reached 88.09, indicating the asset is overbought, while the MACD is 0.25022, showing buying pressure. Support levels are between $1.40 and $1.50, with the main resistance at $1.80. If it falls back to the $1.50 area accompanied by a bullish breakout, it could present a good entry opportunity; if trading volume continues to rise, prices are expected to rebound above $1.80. Speculation triggered by internal changes in the U.S. Securities and Exchange Commission has bolstered investor confidence.
RLUSD Stablecoin Progress
Ripple's RLUSD stablecoin launched in December has become a focal point. It is an over-collateralized cryptocurrency pegged to the U.S. dollar. Reports suggest that the New York Department of Financial Services may approve trading of this stablecoin as early as December. Ripple first revealed plans to launch RLUSD in April 2024, aiming to challenge stablecoins like USDC and USDT. The company expects the stablecoin market to reach $2 trillion by 2028. In August, RLUSD pilot projects were launched on the XRP Ledger and Ethereum mainnet, with plans to expand to more blockchains. Ripple has also partnered with exchanges supporting RLUSD, such as Uphold, Bitstamp, and Bitso. Ripple CEO Brad Garlinghouse reiterated the company's commitment to enhancing stablecoin application scenarios using assets like XRP.
The information provided in this article is for reference only and does not constitute any type of advice.