XRP Price Surges 6% After Ripple's RLUSD Stablecoin Approval
XRP's price has increased by nearly 6% in the past 24 hours, reaching $2.30 after Ripple's RLUSD stablecoin received regulatory approval from the New York Department of Financial Services (NYDFS).
Ripple's Entry into the Stablecoin Market
Ripple CEO Brad Garlinghouse announced the approval on Dec. 10, leading to XRP's rally. RLUSD, Ripple's US dollar-backed stablecoin, is now set to launch on exchanges and partner platforms.
Market Reaction and Predictions
Analysts believe RLUSD's adoption could boost XRP demand. Experts predict a significant rally when automated market maker (AMM) and liquidity pool (LP) features are activated, attracting institutional interest and increasing XRP demand.
Technical Indicators Suggest Bullish Continuation
XRP's recent price action forms a bull flag pattern, indicating a potential breakout above $2.58. This could push XRP's price toward $15, a new all-time high.
Ripple's RLUSD stablecoin approval has solidified its position in the stablecoin market and set the stage for XRP's potential parabolic rise. Investors are closely watching developments as XRP positions itself for further growth in the evolving cryptocurrency landscape.