- XRP surged over 7% from $1.90 to $2.35, outperforming other altcoins during the recent market correction.
- Ripple's RLUSD stablecoin received final regulatory approval from the New York Department of Financial Services, with CEO Brad Garlinghouse announcing the milestone.
- Technical indicators show bullish momentum with RSI at 49 and MACD crossing above the signal line, suggesting potential for further gains.
- XRP could target resistance levels at $2.65 and $2.90 if it breaks above the current descending channel resistance at $2.50.
Date: Wed, Dec 11, 2024, 05:54 PM GMT
The cryptocurrency market is showing signs of recovery after experiencing a sharp correction over the past two days. Major altcoins suffered significant declines, but XRP has stood out by regaining momentum. Ripple’s native token rebounded from yesterday’s low of $1.90 to its current price of $2.35, marking an impressive over 7% surge.
This rise coincides with Ripple’s latest major development: the regulatory approval of its RLUSD stablecoin.
RLUSD Stablecoin Approval:
Ripple has achieved a significant milestone with its U.S. dollar-backed stablecoin, RLUSD, receiving final regulatory approval from the New York Department of Financial Services (NYDFS). Ripple CEO Brad Garlinghouse shared the news on social media platform X, sparking excitement among investors.
The approval has paved the way for RLUSD to debut on exchanges and Ripple’s partner platforms. This development not only positions Ripple as a major player in the stablecoin market but also boosted market sentiment for XRP, pushing its price to a high of $2.41 earlier today.
Are More Gains Ahead?
The XRP/USD 4-hour chart shows that XRP has bounced back from the lower support of its descending channel and is currently trading at $2.35.
- RSI Indicator: The Relative Strength Index (RSI) is currently around 49 suggesting XRP is transitioning from oversold levels and gaining bullish momentum.
- MACD Indicator: The Moving Average Convergence Divergence (MACD) line has just crossed above the signal line, accompanied by a shrinking bearish histogram, indicating the potential for further upward movement.
From here, XRP is likely to approach the upper resistance trendline of its descending channel, located around $2.50. A successful breakout above this level could see XRP targeting resistance levels at $2.65 and $2.90.
However, traders should remain cautious as the broader market sentiment and Bitcoin’s price action will heavily influence XRP’s trajectory in the coming days.
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