The news has created significant tailwinds for the XRP price, triggering an 18.46% rally in the 36 hours post-announcement. With these bolstered fundamentals, bullish end-of-year projections eyeing a new high seem well within reason.
The jump has completely erased the downside caused by the early week $1.6 billion liquidation event that crippled most notable altcoins, leaving XRP with just a 0.1% loss.
However, much of the initial hype has since died down as trading volume has slumped by 47.5% to $12.6 billion over the past 25 hours. The XRP price now appears to be finding footing for its next move.
Ripple’s RLUSD Stablecoin Receives Final Approval
Ripple’s USD-backed stablecoin is set for its public debut following final approval from the New York Department of Financial Services (NYDFS), the state’s top crypto regulator.
Ryan Lee, chief analyst at Bitget Research, said that Ripple’s introduction of $RLUSD could significantly enhance XRP’s utility and liquidity.
“By increasing transaction volumes and demand for XRP, RLUSD may play a pivotal role in supporting price growth. Additionally, Ripple’s ongoing adoption for cross-border payments continues to bolster market sentiment,” he said.
XRP Price Analysis: Can XRP hit $10?
Lee also credited optimistic scenarios suggesting an XRP price peak above $10, however, he cautioned that these targets “hinge largely on adoption and a resolution to regulatory hurdles.”
In the near term, XRP’s technical setup lends to target around its past all-time high. Beyond that, the XRP price will be in a discovery phase, with fundamentals and wider market moves likely being the main contributors to a new high pushing into 2025.
Following a sharp upward move in late November, the XRP price appears to be consolidating within a descending channel, forming a flag, before its next move up.
XRP / USDT 4H chart, bullish flag pattern. Source: Binance.This channel may be nearing its end, though, as the Relative Strength Index (RSI) has found its footing in the neutral zone at 50 after a stint in oversold territory. The MACD line also holds its position above the signal line, confirming that the bulls are vying to determine the next move.
Given a breakout occurs, the pattern sets a price target of $3.50 towards the year’s end, reclaiming XRP’s past all-time high in a 50% advance on current prices.
However, the support provided by the 50SMA thus far will need to hold to rule out a potential retest of the pattern’s lower boundary.
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