- XRP surged over 8% within an hour following news that Ripple will officially launch its RLUSD stablecoin on December 17, 2024.
- RLUSD is fully backed by U.S. dollar deposits, government bonds, and cash equivalents, maintaining a stable $1 value after receiving regulatory approval from New York's Department of Financial Services.
- The stablecoin will initially be available on platforms like Uphold, MoonPay, Archax, and CoinMENA, with additional exchange listings including Bitso and Bitstamp planned for the coming weeks.
- XRP broke out of its falling wedge pattern by crossing $2.45 resistance and is now trading at $2.57, with next resistance targets at $2.65 and $2.91.
Date: Mon, Dec 16, 2024, 04:09 PM GMT
In the cryptocurrency market, XRP has seen a sharp over 8% price jump within the last hour, following significant news about Ripple’s upcoming stablecoin launch.
According to reports from CoinDesk and Watcher Guru, Ripple has confirmed that its much-anticipated RLUSD stablecoin will officially roll out on Tuesday, Dec. 17, following regulatory approval.
Ripple’s RLUSD stablecoin is fully backed by U.S. dollar deposits, government bonds, and cash equivalents, ensuring a stable value of $1. After receiving final approval from the New York Department of Financial Services (NYDFS) last week, Ripple is ready to move RLUSD from its testing phase to public access.
Initially, RLUSD will be available on platforms like Uphold, MoonPay, Archax, and CoinMENA, with additional listings on popular exchanges such as Bitso, Bitstamp, Mercado Bitcoin, and others in the coming weeks. Ripple’s CEO, Brad Garlinghouse, hailed this as a major milestone for the company’s growth in the stablecoin market.
XRP Price Action:
Following the news, XRP is now trading at $2.57 breaking out of its falling wedge pattern by crossing the $2.45 resistance level.
Following confirmation of breakout at $2.53 this breakout, XRP is moving towards the next resistance levels of $2.65 and $2.91—a increase of 14% from the current price.
However, We may see a slight retest around the $2.53 level before next upside move.
Final Thoughts
With Ripple’s RLUSD stablecoin debuting tomorrow, the crypto community will be closely watching XRP’s performance. The token has the potential to ride this wave of optimism, but as always, market conditions remain volatile.
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