Ripple has officially launched its RLUSD stablecoin, triggering positive momentum across the market and pushing XRP to $2.57. The new project has garnered strong investor interest, signaling the potential for further price gains.
Ripple Enters the Stablecoin Market
On December 16, Ripple announced that its RLUSD stablecoin would begin trading on December 17, following approval from the New York Department of Financial Services (NYDFS).
This move positions Ripple as a competitor in the rapidly expanding stablecoin market, valued at over $209 billion.
Tether (USDT) remains dominant with a market capitalization of $140.5 billion.
USDC and Ethena USDe hold the second and third positions with $42.3 billion and $6 billion, respectively.
RLUSD Sees High Demand Before Launch
According to David Schwartz, Ripple’s CTO, RLUSD saw significant interest even before its official launch, with speculative bids reaching as high as $1,200 per RLUSD.
Schwartz clarified that these bids were likely speculative, emphasizing that RLUSD tokens are redeemable for $1, and any deviation from the peg would be temporary. As trading volumes grow, RLUSD is expected to stabilize around its intended peg.
XRP on the Rise: Is $3 a Realistic Target?
Following the RLUSD launch, XRP surged to $2.57, driven by strong bullish sentiment and technical momentum.
The 50-day moving average at $1.45 serves as a strong support level.
The 200-day moving average at $0.77 reinforces XRP’s long-term bullish trend.
Technical indicators highlight sustained buying pressure:
The RSI reached 67.68, signaling growing demand but nearing overbought territory.
The Accumulation/Distribution (A/D) indicator at 6.35 billion underscores significant investor accumulation amid RLUSD-driven optimism.
To hit $3, XRP must break through resistance at $2.80 and hold support above $2.40. In the event of profit-taking, XRP could retest support around $2.20 before continuing its upward trajectory.
Ripple’s Dual Momentum: RLUSD and XRP
The launch of RLUSD marks a critical milestone for Ripple, combining regulatory approval with strong market enthusiasm. While the early trading phase for RLUSD may experience volatility, its success hinges on liquidity and adoption.
Meanwhile, XRP’s bullish momentum positions it favorably to test new highs, with $3 as a likely target if the current trend persists.
The coming days will reveal whether XRP can capitalize on the growing investor excitement and maintain its upward trajectory.
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