The Ripple market has been witnessing major changes. Ripple USD (RLUSD) has made its way into the stablecoin market. Supported by Ripple Labs, the business behind XRP and its payment systems, RLUSD seeks to offer a regulated and steady digital currency. The network’s cryptocurrency, XRP could benefit from the latest developments. Some believe that the asset could surge to $3. Amidst this, a few others were hoping XRP could maintain itself at its current price level.
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XRP’s Current Price Level
Source: CoinMarketCap
The XRP market recorded a notable spike over the past day. The altcoin was trading at $2.54, during price time after surging by 5.43% throughout the past 24 hours. The asset went from a low of $2.34 all the way to a high of $2.56. The asset’s monthly and weekly increases were also significant. XRP surged by 138% and 16% respectively. Despite its recent uptick, Ripple’s cryptocurrency continues to trade 34% below its all-time high of $3.84.
The daily trading volume of XRP also followed suit. The market saw a 92% surge and is currently at $12.71 billion. It is common practice to calculate a coin’s trading volume across all active cryptocurrency exchanges. This is considered bullish for that respective market.
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Weekly Price Prediction
Source: CoinCodex
Ripple’s cryptocurrency is expected to go on a downward spiral over the next couple of days. While the community is expecting an uptick in the XRP market, the asset seems to be taking a whole new path. Data from CoinCodex reveals that XRP will drop down to a low of $2.47 on December 20, 2024. Even though this isn’t a major downfall, it does impact the holders.
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It looks like the launch of RLUSD is barely making an impact on the third-largest cryptocurrency.
