XRP Price Jumps 7.5%: Will It Hit $3 as RLUSD Stablecoin Sets to Launch?

Highlights:

• XRP price has surged by 7.5% in the last 24 hours to trade at $2.57.
• Ripple has announced that its highly-anticipated RLUSD stablecoin will launch.
• Ripple plans to use RLUSD for cross-border payments starting early next year.

The XRP price has surged by 7.5% in the last 24 hours to trade at $2.57 as of 4:45 a.m. EST, on an 87% increase in trading volume to $13 billion. Ripple has announced that its highly-anticipated RLUSD stablecoin will launch on Tuesday on various exchanges such as MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEx. The bullish sentiment of the release of the stablecoin may help XRP break through key resistance levels at $2.58 and $2.92.

Ripple to launch $RLUSD stablecoin on December 17. pic.twitter.com/qld7uhv1ho

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) December 16, 2024

This is finally happening after the company received its regulatory license from the New York Department of Financial Services (NYDFS) on December 10. Initially, there was speculation among the community that it might launch on December 4. According to a report, RLUSD is “an enterprise-grade, USD-backed stablecoin, designed for trust, utility, and compliance.”

It is intended to maintain a 1:1 peg with the US dollar. It will be fully collateralized with reserves comprised of US dollar deposits, short-term Treasury bonds, and other liquid cash assets. 

After $RLUSD launch $XRP will hit $1250 by 2025 🚀🚀

RIPPLE USD is not coming slow🚀🚀🚀🚀🚀🚀 pic.twitter.com/5WUEyxHQAg

— Tehseen Ahmed (@Tahseenahmed22) December 16, 2024

Over the coming weeks, Ripple plans to expand RLUSD’s availability on additional platforms such as Bullish, Bitstamp, and Mercado Bitcoin. Starting early next year, Ripple will leverage the stablecoin to facilitate cross-border payments for its enterprise customers.

RLUSD will launch on both the XRP Ledger and the Ethereum Mainnet initially, allowing on-chain users to utilize the stablecoin across DeFi protocols. To ensure transparency, Ripple has engaged an independent auditing firm to provide monthly attestations of RLUSD’s reserve assets.

XRP Price Statistics

• XRP price: $2.57
• Market cup: $147 billion
• Trading volume: $13 billion
• Circulating supply: 57 billion
• Total supply: 99 billion

XRP Price Bullish Momentum Could Break Above the Consolidation Zone

The XRP price recently faced significant downward pressure, with bears nearly pushing it to the critical $2.133 support level. However, once the price reached this zone, bulls swiftly regained control, driving the price upward and signaling a potential shift in market sentiment.

This upward movement hints at a possible bullish breakout, indicating a transition from a bearish to a bullish trend, despite the bears’ efforts to reassert dominance over XRP’s price action.

The daily chart highlights strong signs of a bullish crossover. The price is now trading above both the 50-day and 200-day Simple Moving Averages (SMA), which previously acted as key resistance levels. This breakout has further reinforced the bullish momentum, favoring buyers and signaling a strengthening upward trend.

Bullish Technical Indicators Signal an Uptrend Ahead

The RSI, which is above the 50 mid-line and trending higher toward the 70-overbought level, signals a potential bullish rally. A close above 70 would confirm the strong buying pressure, as further consolidation above this level will give more credence to the bullish bias. If the RSI continues to climb upward past this level, then the door for a new all-time high could be opened.

While the MACD indicates a possible bullish crossover, with the MACD line (blue) rising up to the signal line (orange) while the latter is currently on the decline, the red histogram bars are shrinking in height and color intensity to reflect the weakening bearish momentum. Taken together, this mix of indicators indicates a growing likelihood of a bullish breakout coupled with the reinforcing of the XRP price

The bulls are flexing their muscles for a move upwards. Having repelled the attacks at the support level of $2.133, they seek to elevate the price higher, setting sights on the target of $3.746. The price might pull back again in the bears’ favor toward the $2.133 support area to give sellers another opportunity to go short.