Ripple's XRP could rally to $4.75 as RLUSD set to officially launch on Tuesday
- Ripple announced its RLUSD stablecoin will officially launch on Tuesday.
- RLUSD will go live on platforms including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEx.
- XRP could rally to a new all-time high of $4.75 if it sustains a high volume above the $2.58 and $2.92 resistance levels.
Ripple (XRP) confirmed in a press release on Monday that its RLUSD stablecoin will officially launch on Tuesday across exchanges, including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEx. Bullish sentiments surrounding the launch could help XRP overcome the $2.58 and $2.92 resistance levels.
RLUSD to go live on Tuesday following regulatory approval
Ripple's much anticipated USD-backed stablecoin is set to go live after a Monday announcement that RLUSD would launch globally on Tuesday.
The news comes after Ripple received approval from the New York Department of Financial Services (NYDFS) on December 10 to lauch the stablecoin, before which the crypto community had anticipated a December 4 launch.
Ripple stated that RLUSD is an "enterprise-grade, USD-denominated stablecoin created with trust, utility, and compliance at its core."
Ripple's president, Monica Long, noted in an X post on Monday:
The release of RLUSD marks a new chapter – both for the XRP Ledger, as well as @Ripple for use in our $70B+ payments flows. Combining our 10+ yrs in the business; the rigor & compliance required with stablecoin issuance by a @NYDFS chartered company; and an experienced Advisory…
— Monica Long (@MonicaLongSF) December 16, 2024
The stablecoin is intended to maintain a 1:1 peg with the US dollar, with reserves of US dollar deposits, short-term Treasury bonds and other liquid cash assets.
RLUSD will go live on exchanges, including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEX. The company stated that it aims to launch the stablecoin on other platforms like Bullish, Bitstamp, Mercado Bitcoin and many others over the next few weeks.
Ripple also plans to use the stablecoin to initiate cross-border payments for its customers starting early next year.
Furthermore, RLUSD will initially be available on the XRP Ledger and Ethereum Mainnet for on-chain users to leverage across DeFi protocols.
Ripple added that an independent auditing firm will issue monthly attestations of RLUSD's reserve assets to ensure transparency.
Ripple's XRP validates bullish flag pattern following weekend's rise
XRP is up 1% after experiencing $18.62 million in liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long positions is $10.14 million, while short liquidations accounted for $8.48 million.
The remittance-based token validated a bullish flag pattern over the weekend with a breakout above the flag's descending trendline. XRP rallied further to test the resistance level at $2.58 on Monday after bouncing off the 23.6% Fibonacci Retracement level.
XRP/USDT daily chart
The maximum profit target from the pole's length indicates that XRP could hit a new all-time high of $4.75. A high volume move above the resistance levels at $2.58 and $2.92 could accelerate the rally to $4.75.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above their neutral levels, indicating dominant bullish momentum.
A daily candlestick close below the support level at $1.96 will invalidate the thesis.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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