Ripple price held steady near its highest level this year ahead of the highly anticipated RLUSD stablecoin launch.

XRP coin was trading at $2.55 Wednesday morning, within striking distance of its year-to-date high of $2.900.

Cardano founder, said that he was “excited about RLUSD.” He tweeted that in response to a CT article describing more details about the stablecoin that launches on Dec. 4.

His post could be a sign that Cardano may agree to have the RLUSD stablecoin launch on its blockchain. That would be significant since Cardano’s network now has just $24 million in stablecoins. A future expansion of RLUSD to the Cardano ecosystem would help it grow its stablecoin volume.

RLUSD, which is backed 1:1 by the US dollar, aims to compete with other growing stablecoins like Tether and USD Coin. Tether maintains a leading market share, with a 70% dominance. USD Coin, USDS, Ethena USDe, and Dai follow it. It will initially launch on Ethereum and the XRP Ledger.

Argo Blockchain posts $3.4m mining revenue despite dip in Bitcoin output

The main challenge for the RLUSD stablecoin is substantial competition. For example, PayPal’s PYUSD has accumulated just $495 million in assets, despite the big name behind it.

The RLUSD launch comes at a time when the XRP price has staged a strong comeback, rising by over 400% from its lowest point this year.

XRP has also jumped as investors cheer the upcoming changes at the Securities and Exchange Commission. Gary Gensler, who has battled Ripple Labs for the past four years, is expected to step down in January.

Meanwhile, Donald Trump is now considering the crypto-friendly regulator, Paul Atkins as the next head of the agency. Such a move could lead to a spot XRP ETF in 2025 and more favorable regulations.

The daily chart shows that the Ripple price has performed well in recent weeks. It has jumped above key levels at $1 and $2 and is now attempting to break above $3.

XRP price remains above all moving averages, while oscillators like the Relative Strength Index and the MACD have moved to extreme overbought levels.

Ripple is also forming a bullish pennant chart pattern, a popular bullish sign. Therefore, there is a likelihood that the XRP token will continue rising, potentially above $3.

The risk, however, is that the coin could experience a brief pullback as it moves to the markdown phase of the Wyckoff Method. If this happens, it may drop

Russian President Vladimir Putin reiterated support for Bitcoin and digital assets as the European powerhouse approached greater crypto adoption.

“Nobody can stop Bitcoin” (BTC), Russia’s President Vladimir Putin said at the World Trade Center in Moscow on Wednesday, Dec. 4, according to Bloomberg and local news agency TASS.

President Putin also stated that BTC and digital assets will continue to develop in several countries, including Russia. He added that Russia has advanced the development of digital payment systems to support industries and lower business costs.

Russia’s approach to cryptocurrencies has shifted over the years. In late November, President Putin recognized crypto as property with a new tax law. The country legalized BTC and crypto mining in August, allowing select institutions to harness digital currencies using computing power on Russian soil.

Russia officially recognizes crypto as property with new tax law

Local cryptocurrency adoption has also increased amid policy overhauls to meet the demands of a growing blockchain paradigm. Per the Bank of Russia, citizens hold nearly $7 billion in assets on crypto exchanges.

A Bitkan study discovered that around 14.6 million individuals, about 10% of Russia’s population, own digital currencies. Another survey found that 20% of the country has interacted with cryptos before.

Despite the changes, using crypto for payments in Russia remains banned. However, the Russian Parliament is considering leveraging digital currencies for cross-border trade.

Due to geopolitical conflict with Ukraine and rapidly expanding Bitcoin mining operations, Deputy Energy Minister Evgeny Grabchak said the Kremlin would outlaw BTC mining in certain regions to curtail energy shortages.

Russia’s plans to offer its citizens a central bank digital currency could also face delays. Olga Skorobogatova, a key official behind Russia’s CBDC, resigned in November. Shortly after, the Ministry of Industry advised rolling out a possible CBDC over two years to cushion infrastructural concerns.#BTC100K! #CryptoHistoricMoment #Share1BNBDaily #MicrosoftBTCInvestmentVote $SOL $XRP