TLDR:
XRP has seen a 400% increase since November, reaching a yearly high of $2.90 on December 3rd
Ripple’s new stablecoin RLUSD is launching December 18th on XRP ledger and Ethereum blockchain
RLUSD will be available on exchanges including Uphold, MoonPay, and Bitso, with planned launches on Bitstamp and Zerohash
Technical analysis shows XRP broke out of a symmetrical triangle pattern with strong momentum indicators
Price needs approximately 30% increase to reach its all-time high of $3.30
XRP has demonstrated remarkable market performance in recent months, establishing itself as the leading large-cap cryptocurrency in terms of growth since November. The digital asset has recorded an impressive gain of over 400%, catching the attention of traders and investors alike.
The cryptocurrency recently achieved a yearly high of $2.90 on December 3rd, 2024, before experiencing a minor correction. Currently trading above the $2.50 mark, XRP maintains a strong position in the market, supported by both technical indicators and upcoming developments within the Ripple ecosystem.
A major catalyst for recent price movements is the anticipated launch of RLUSD, Ripple’s new stablecoin, scheduled for December 18th, 2024. The stablecoin will operate on both the XRP ledger and the Ethereum blockchain, representing a strategic expansion of Ripple’s financial infrastructure.
Brad Garlinghouse, Ripple’s CEO, has confirmed that RLUSD will be available for trading on several prominent exchanges. Initial launch partners include Uphold, MoonPay, and Bitso, with future implementations planned for Bitstamp and Zerohash, expanding the stablecoin’s accessibility across the cryptocurrency marketplace.
RLUSD is being positioned as an enterprise-grade USD-denominated stablecoin, with Ripple committing to regular monthly attestations of its reserve assets. These attestations will be conducted by independent auditors, providing transparency and accountability for users and investors.
The technical analysis of XRP’s price movement reveals a clear breakout from a long-term symmetrical triangle pattern on the weekly timeframe. This breakout has been accompanied by five consecutive bullish weekly candlesticks, indicating strong buying pressure in the market.
Current price metrics show that XRP needs approximately a 30% increase to reach its previous all-time high of $3.30. The Moving Average Convergence/Divergence (MACD) indicator has reached new heights, while the Relative Strength Index (RSI) continues to show upward momentum.
Trading activity shows that XRP recently overcame resistance at the $2.44 level, breaking through a bearish trend line. The price action has established support levels at $2.4550 and $2.420, with resistance zones identified at $2.5250 and $2.5850.
The cryptocurrency’s price structure currently suggests the completion of a short-term correction, marked by a breakout from a descending parallel channel. This technical development, combined with the upcoming RLUSD launch, has contributed to renewed buying interest in the market.
RLUSD’s functionality extends beyond basic stablecoin operations. The asset is designed to facilitate cross-border payments, integrate with decentralized finance protocols, and provide collateralization for trading tokenized real-world assets, potentially adding value to the broader Ripple ecosystem.
Wave analysis indicates that XRP might target $3.53, which would represent a new all-time high for the cryptocurrency. This projection is based on the 1.61 external Fibonacci retracement level of the recent wave pattern.
Short-term price action shows the formation of a high at $2.5870, followed by a minor retracement. The price maintains position above both the $2.40 level and the 100-hourly Simple Moving Average, suggesting continued bullish sentiment.
Market indicators, including the hourly MACD and RSI, remain in bullish territory, supporting the potential for further upward movement. The RSI specifically shows a hidden bullish divergence on the daily timeframe, typically interpreted as a sign of trend continuation.
The most recent market data shows XRP trading has consolidated above key support levels, with immediate resistance around the $2.525 mark. Trading volume remains steady, indicating sustained market interest in the asset.
The post Fresh Highs Coming? XRP Price Surges Past $2.50 as Ripple Prepares for RLUSD Stablecoin Launch appeared first on Blockonomi.
