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At the time of writing, the price of XRP is trading at $2.63, with daily gains of 15%, weekly gains of 30%, and monthly gains of 149%.
Ripple is currently experiencing strong media exposure due to the launch of its RLUSD stablecoin, which has generated a lot of expectation around it.
The announcement of the launch was shared through an X publication that was accompanied by a particular video that showed the Ripple symbol in different natural settings:
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Ripple USD (RLUSD) is now live on global exchanges.
An enterprise-grade stablecoin built for everyone, $RLUSD combines fiat stability with blockchain efficiency:
➡️ Instant global payments, 24/7
➡️Seamless on/off ramps
➡️ Access value in real-world assets.… pic.twitter.com/lJ43GdoDGR
— Ripple (@Ripple) December 17, 2024
«Ripple USD (RLUSD) is now available on global exchanges. RLUSD is an enterprise-grade stablecoin designed for everyone, combining fiat stability with blockchain efficiency: Instant global payments, 24/7. Seamless entry and exit ramps. Access real-world asset value.”
It should be noted that the RLUSD launch had been expected for months. Today this stablecoin has started trading on important platforms such as: MoonPay, Uphold, CoinMENA, Bitso and ArchaxEx.
Furthermore, this stable Cryptocurrency is backed by cash reserves, US Treasury bills, and approval from regulatory authorities.
The bullish effect that RLUSD generates on XRP is due to the fact that it provides greater liquidity and utility to Ledger XRP. Therefore, its launch drives the price of XRP towards significant levels, while analysts predict greater utility and demand for the token.
Ripple Chart Analysis: Key Supports and Resistances
First of all, it is worth noting that XRP price broke out of a short-term horizontal trend channel upwards. However, it has not yet surpassed the maximum levels marked on December 2.
XRP Analysis: Key Levels to Consider. Source: TradingView.
With the major resistance at $2.41 broken, the price will now have to face the next major resistance at $2.80.
Once the next line is surpassed, the next resistance level would be at 3 USD, which also represents a psychological level to overcome.
Subsequently, the price would face another resistance at $3.48 and finally its all-time high of $3.84.
Traders should also consider the following key support levels in case XRP fails to break above previous resistances.
Firstly, the $2.28 level, a support that corresponds to the floor of the horizontal channel that we mentioned at the beginning of this segment and near the 100 EMA.
The second support level to watch is $1.92, a level that is in line with the 200 EMA and whose loss would mean the end of the current momentum.
Finally, if the previous support is lost, the price would not find a floor, but until lower levels such as 1.4 USD.
For now, the RSI at 65 shows the token still far from overbought, so, according to this indicator, XRP would still have a good growth range and new increases are feasible in the short term.
Is the launch of RLUSD really a milestone?
The success of RLUSD is called into question due to the large number of already established stablecoins such as USDT, USDC and DAI. So the stablecoin could face fierce competition, making it difficult for mass adoption.
We can also note that despite Ripple’s relationships with financial institutions, there is no guarantee that they will adopt RLUSD. It is likely that institutions will choose to continue using the already established stablecoins that capture the bulk of this market.
Thus, RLUSD reaches a saturated market where there are many cross-border payment solutions already in operation, some of which could be more efficient and cheaper. Ripple will need to clearly demonstrate its competitive advantage to gain traction.
However, what is real and 100% certain for Ripple is that as Donald Trump’s presidential term approaches, the enthusiasm around him grows. Definitely, This project has become a symbol of the fight against regulatory authorities and that is providing great growth.
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