Date: Tue, Dec 17, 2024, 04:18 AM GMT
Ripple’s XRP has captured the spotlight after Ripple officially confirmed the launch of its RLUSD stablecoin. According to Ripple’s press release, RLUSD will start trading on global exchanges today, December 17, 2024. While the launch date is set, the exact time for the rollout remains undisclosed.
The New York Department of Financial Services (NYDFS) gave its final approval last week, clearing the way for RLUSD to move from testing to public access.
Initially, RLUSD will be available on platforms like Uphold, MoonPay, Archax, and CoinMENA.
Whale Activity Picks Up
The announcement has triggered a surge in whale activity. Crypto analyst @ali_charts reported that whales purchased over 830 million XRP in the last 24 hours.
This aggressive accumulation signals strong confidence in Ripple’s future developments, especially with RLUSD expected to bring more utility to the XRP ecosystem.
XRP Price Action: What’s Next?
As anticipation builds for RLUSD’s launch, XRP is showing modest gains, trading at $2.47 at the time of writing.
The price is edging closer to a breakout from its symmetrical triangle pattern, hovering near the upper trendline.
Bullish Scenario:
XRP attempted a breakout earlier, reaching $2.58, but momentum stalled. However, a breakout above the upper resistance trendline and a confirmation above of $2.63 could signal renewed buying interest. This move may propel XRP toward the next resistance levels at $2.69 and $2.90, potentially paving the way for even higher gains as investor confidence grows with the RLUSD launch. Such a breakout could mark the start of a broader upward trend, especially if trading volumes surge.
Bearish Scenario:
If the market adheres to the “buy the rumor, sell the news” phenomenon, XRP could face a pullback instead of a breakout. In this case, prices might revisit lower support levels around $2.33 and $2.25. Failure to hold these supports could further weaken sentiment, leading to a potential retest of the symmetrical triangle’s lower trendline, causing traders to adopt a more cautious stance.
Conclusion
The launch of RLUSD marks a pivotal moment for Ripple, adding significant utility to its ecosystem. The stablecoin’s enterprise-grade backing and regulatory approval position it as a reliable option for global transactions. Meanwhile, the increased accumulation of XRP by whales underscores market optimism. However, investors should remain cautious as market dynamics could lead to volatility in the short term.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.