Despite rising 400% in the past month, Ripple’s XRP funding rate is still low compared to previous bull runs.
Contrary to expectations, RLUSD will not launch on Wednesday.
XRP is trying to reclaim $2.58 while testing $3.57, its all-time high.
XRP was trading at $2.4 on Wednesday while Ripple Labs confirmed that its RLUSD stablecoin will not be launched on exchanges despite rumors from the crypto community.
XRP fell 11% on Wednesday despite gaining 400% since the start of the month. The asset has been leading the alt season.
Coinalyze data shows that XRP’s funding rate is consistent compared to its February 2024 high and March 2021 bull run despite the significant increase.
A fixed funding rate indicates that the market is not overly optimistic and that there is room for prices to rise, reducing the risk of overheating.
XRP sentiment is also down compared to previous highs, suggesting that regular traders may not be driving the asset’s recent surge.
RLUSD, Ripple’s USD-pegged stablecoin, is trying to stabilize transactions. Coinbase and other major exchanges are preparing to release RLUSD for trading.
Most members of the crypto community were expecting RLUSD to appear on Wednesday, but Ripple said important elements were still being finalized with the New York State Department of Financial Services.
XRP is seeing selling pressure at $2.58 as it seeks to reach an all-time high of $3.57.
Coinglass data shows around $34 million in closes over the past 24 hours as XRP is down 11%. $25.37 million of long positions were liquidated and $8.75 million of short positions were liquidated.
After falling below $2.58 on December 3, XRP failed to recover, indicating the presence of sellers at this level.
If the slide continues, $1.96 near the 50-day SMA could provide support.
A significant volume move above $2.58 could push XRP to the upper boundary of a large rectangular channel at $3.57, setting a new all-time high.
The RSI is falling and testing the midline, indicating fading bullish momentum.
