Join Our Telegram channel to stay up to date on breaking news coverage
The XRP price dropped 2% in the last 24 hours to trade at $2.51 as of 2:10 a.m. EST on trading volume that skyrocketed 113% to $15.2 billion.
This comes as Ripple 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.
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 news comes after Ripple received approval from the New York Department of Financial Services (NYDFS) on Dec. 10 to launch the RLUSD stablecoin, before which the crypto community had anticipated a Dec. 4 launch.
XRP Price Aims For A Breakout
The 4-hour chart of XRP/USD presents a clear bullish trend over the past several weeks, punctuated by a strong upward move marked with a green arrow. This sharp rally pushed the price of XRP from the $1.6-$1.8 range to a peak of just under $3.2 before facing strong selling pressure that led to a correction.
Following this correction, the price of XRP entered a sideways consolidation phase, as shown by the purple rectangular box. This range-bound movement highlights price stabilization between $2.2 and $2.6, suggesting a period of accumulation after the explosive rally, according to data from GeckoTerminal.
However, the breakout above the consolidation box in the latest candlestick signifies a potential resumption of the uptrend, fueled by a surge in volume. This breakout is a significant pattern, as it typically indicates increasing buying pressure and the possibility of another leg up.
The 50 Simple Moving Average (SMA) ($2.3767) is acting as dynamic support, consistently following the price. The XRP price remains well above the 50, confirming the bullish short-term trend. Meanwhile, the 200 SMA ($1.6860) is far below the current price, reinforcing the overall bullish sentiment. This gap between the 50 SMA and 200 SMA indicates strong momentum and points to no near signs of a trend reversal.
Meanwhile, the Relative Strength Index (RSI) is currently at 60.95, which is in a neutral-to-bullish zone. This level indicates moderate strength without being overbought, providing room for further upward movement. Previously, the RSI hit overbought levels near the sharp rally, leading to the correction. The current RSI suggests that momentum is building without signs of exhaustion.
The Moving Average Convergence Divergence (MACD) line (0.0063) and the signal line (0.0243) are close to crossing above the baseline. While the MACD histogram shows minimal positive momentum, the breakout in price and increasing volume may drive the MACD higher in the near term. A bullish crossover would confirm further upward momentum.
Ripple Token Price Prediction
Given the breakout above the consolidation range, supported by increasing volume, bullish moving averages, and healthy RSI levels, the price of XRP could target a retest of the previous high, around $3.0-$3.2. If buyers sustain momentum and the breakout holds, the XRP price could establish new highs above $3.2.
However, if the breakout fails and sellers step in, the XRP price might retest to $1.70 near the 200 SMA.
As the Ripple token price aims for a sustained rally, investors looking for alternatives may want to consider Crypto All-Stars (STARS), which, according to ClayBro, a prominent crypto analyst on YouTube with over 130K subscribers, has the potential to soar 10X after its launch.
Crypto All-Stars Presale Surges Past $19.5 Million – Last Chance To Buy
Crypto All-Stars has raised over $19.5 million as the first ever staking platform for multiple top meme coins.
Degens are in a hurry to stack STARS, won over by its MemeVault protocol that allows meme coin fans to lock up their tokens to generate a passive income stream.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and Bonk can currently stake these cryptos on the platform and earn passive income in the form of STARS.
What Is Crypto All-Stars?
Crypto All-Stars is set to revolutionize the meme coin sector with its innovative ‘Meme Vault’ platform. 💥
This is more than just another meme coin – it’s an entirely new way to interact with the meme coin ecosystem!
— web3telepath (@web3telepath) August 15, 2024
While the current line-up enables staking for holders of around a dozen meme coins, the team says Crypto All-Stars will soon expand to welcome more into the fold. Until this happens, traders can stake STARS tokens for a huge 156% annual percentage yield (APY).
Currently, STARS is available for just $0.0016782. Buy before the presale ends in just 3 days.
Purchase STARS from its official website here using BNB, USDT, or a bank card.
Related News:
Newest Meme Coin ICO – Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool – High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
