$XRP XRP Could Rally To a New All-Time High of $4.75 as RLUSD To Live Today
Ripple (XRP) confirmed in a press release on Monday that its RLUSD stablecoin will officially launch on Tuesday across exchanges, including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEx. Bullish sentiments surrounding the launch could help XRP overcome the $2.58 and $2.92 resistance levels
♦️RLUSD to go live on Tuesday following regulatory approval
Ripple's much anticipated USD-backed stablecoin is set to go live after a Monday announcement that RLUSD would launch globally on Tuesday.
The news comes after Ripple received approval from the New York Department of Financial Services (NYDFS) on December 10 to lauch the stablecoin, before which the crypto community had anticipated a December 4 launch.
The stablecoin is intended to maintain a 1:1 peg with the US dollar, with reserves of US dollar deposits, short-term Treasury bonds and other liquid cash assets.
RLUSD will go live on exchanges, including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEX. The company stated that it aims to launch the stablecoin on other platforms like Bullish, Bitstamp, Mercado Bitcoin and many others over the next few weeks
Furthermore, RLUSD will initially be available on the XRP Ledger and Ethereum Mainnet for on-chain users to leverage across DeFi protocols.
Ripple added that an independent auditing firm will issue monthly attestations of RLUSD's reserve assets to ensure transparency
♦️Ripple's XRP validates bullish flag pattern following weekend's rise
XRP is up 1% after experiencing $18.62 million in liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long positions is $10.14 million, while short liquidations accounted for $8.48 millio
The maximum profit target from the pole's length indicates that XRP could hit a new all-time high of $4.75. A high volume move above the resistance levels at $2.58 and $2.92 could accelerate the rally to $4.75.