XRP Struggles at $2.40 Resistance; Breakout Could Lead to $2.60
XRP has encountered resistance at $2.40, with a potential breakout setting the stage for a rise to $2.60. The token surged 10.65% in the past 24 hours, reaching a high of $2.41 before settling at $2.34. Its market cap has grown to $133.5 billion, an increase of 8.45%, while its 24-hour trading volume climbed by 11.21% to $24.33 billion. Ripple’s circulating supply remains at 57.11 billion XRP, nearing the maximum cap of 100 billion.
Ripple Gains Regulatory Approval for RLUSD Stablecoin
Ripple Labs recently secured approval from the New York State Department of Financial Services (NYDFS) for its RLUSD stablecoin. Ripple CEO Brad Garlinghouse announced the milestone on December 10, noting that the stablecoin will soon be listed on exchanges and integrated with partners.
The news bolstered investor confidence, driving XRP’s price up 10%. After briefly dipping below $2, the token quickly rebounded, demonstrating resilience in the face of market volatility. Ripple’s progress with RLUSD adds strategic value to its ecosystem and strengthens its position in the cryptocurrency market.
Bullish Momentum for XRP
Technical indicators support the bullish outlook for XRP:
- Resistance and Support Levels:
XRP is testing resistance at $2.40, and a successful breakout could push the price to $2.60. Support at $2.00 serves as a critical level to maintain upward momentum. - Relative Strength Index (RSI):
XRP’s RSI is at 78.49, indicating overbought conditions but reflecting strong buying interest. The average RSI of 64.42 further reinforces this bullish trend. - Moving Averages:
The 9-day moving average of $2.40 has crossed above the 21-day moving average of $1.99, forming a bullish crossover that signals further short-term growth potential.
Outlook for XRP
XRP’s ability to sustain its price above $2.40 could unlock further gains, while a dip below $2.00 might trigger a short-term correction. The token’s performance is closely tied to Ripple’s regulatory achievements and strategic initiatives, providing a foundation for continued growth in a competitive market. Investors remain optimistic as XRP builds momentum, aligning with Ripple’s broader developments.
