XRP Price Surges 1.3% as Ripple Unveils Strategic Plans for RLUSD Stablecoin and XRPL

The XRP Price has surged 1.3% in the last 24 hours to trade at $0.5912 as of 4:00 a.m. EST, driven by a 31% increase in trading volume to $1.5 billion. The market cap is now at $33 billion.

In a recent interview, Ripple President Monica Long shared the company’s future plans, including the upcoming launch of Ripple’s RLUSD stablecoin, their legal victory over the US Securities & Exchange Commission (SEC), and key developments on the XRP Ledger (XRPL).

The strategy is called Uptober.

Ripple is set to launch its RLUSD stablecoin by the end of 2024, pending regulatory approval.https://t.co/do9fnBd7wT pic.twitter.com/zi3wlp8Dcb

— Mr. Man (@MrManXRP) September 26, 2024

Ripple’s legal battle with the SEC, which began in late 2020, concluded in August. Judge Analisa Torres ruled that XRP is not a security and ordered Ripple to pay $125 million in penalties, a fraction of the $2 billion originally sought by the SEC. Long emphasized that this victory is a major milestone for the entire cryptocurrency industry, providing clarity on the legal framework in the US and setting an important precedent.

She added that even before the SEC lawsuit, most of our growth occurred outside the US, with 40% of our activity concentrated in Asia, particularly in Asia-Pacific. While there has been continued rapid expansion outside the US since the ruling, the decision has made it easier for our products and services to access the US market.

XRP Statistics

• XRP price: $0.5912
• Market cap: $33 billion 
• Trading volume: $1.5 billion
• Circulating supply: 56 billion
• Total supply: 99 billion

XRP Price Bulls Gear Up for a Bully Rally Ahead

The XRP price has recently experienced an upward trend, indicating that bulls are in charge of the market. The upward trend has led to the forming of a bullish pennant pattern, establishing a high probability of a further bullish trend occurring. The bulls have regained momentum after reaching the $0.5265 support level at the bullish pennant’s lower trend line.

The price trades above the 50-day and 200-day simple moving average (SMA). The SMAs act as key support levels, enhancing the high probability of a further bully rally. As long as the bulls continue to be in charge, they will push the price higher, leaving the SMAs with some distance, adding hope for a bullish crossover to occur at the upper trend line of the bullish pennant.

The Relative Strength Index (RSI) also points to a potential bullish crossover as it climbs above the 50-midline level, meaning average gains are starting to outpace average losses. If the bulls keep their momentum and push the RSI even higher, the market could surpass the 70-overbought level.

The Moving Average Convergence Divergence (MACD) also offers evidence of a potential bullish crossover. The blue line flows above the orange signal line, suggesting a bullish market. On the other hand, the green histogram bars increase in number, supporting the likelihood of an upcoming bully rally.

XRP Price Prediction 

The bulls demonstrate their strength by pushing the XRP price higher, preventing the bears from dragging it down to the support level. If the bulls can maintain this momentum, the market could reach a target price of $0.7502. However, if the bears regain control over the XRP price, they could apply pressure, forcing the bulls to retreat to the $0.5265 support level, which coincides with the pennant’s lower trendline.