RLUSD Release Date Announced: Will XRP Price Ultimately Reach $3?
XRP is about to achieve a significant breakthrough, with key developments and market trends indicating that the price may rise substantially. Ripple's new stablecoin RLUSD will begin trading on Tuesday, December 17, having received approval from the New York State Department of Financial Services (NYDFS) earlier this month.
Ripple plans to use RLUSD and XRP in its cross-border payment solutions for institutional clients, signaling a bright future for both the company and cryptocurrency. With Ripple's strong institutional support and the approval of RLUSD, the company is fully capable of capitalizing on these trends as the stablecoin market continues to expand. Ripple's integration of XRP as gas fees in RLUSD trading also raises expectations for the value of cryptocurrency.
In terms of market sentiment, XRP is increasingly attracting attention from retail investors. A surge in Google search trends reflects a growing interest in cryptocurrency, which could lead to further price increases.
What will be the next step for XRP price?
Analysts are closely monitoring XRP's price chart for a bullish pattern known as a bull flag, which historically tends to break upward. This pattern suggests a target price for XRP of $4.50 or higher, with some experts predicting that the cryptocurrency could reach between $3.50 and $4.50 by the end of this year.
Driven by positive news, XRP has risen 3% in the past 24 hours, trading above $2.50. If the price breaks through the resistance level of $2.90 with strong trading volume, it may aim for the next key level around $3 or even higher. On the other hand, if there is a pullback, important support levels to watch are $2.40 and the psychological level of $2. The chart shows that XRP is exhibiting a strong bullish trend, and if it breaks through the current resistance, further increases are possible.
