The much anticipated launch of RLUSD is finally here with Ripple in plans to release its stablecoin for the first time in the market on 17 December. This news has set abuzz within the crypto community as the third largest crypto project is having its own stablecoin for payments.
While the crypto market is already going through a bullish run, major crypto assets are witnessing mammoth price rallies and XRP is among the top. XRP price has surged over 135% in the past month alone while it is aiming to break above $3 mark during this week.
Let’s examine how XRP is approaching the $3 target and what factors are helping it in achieving the goal.
XRP Price Analysis
Following the bullish market sentiment, XRP broke out first surpassing the $1 price mark in mid-November and has started to accelerate since. It reclaimed the $2 quickly with and marched towards $3 but had to face a massive pushback.
On December 10, XRP price dipped to as low as $1.98 but it strongly bounced back to $2.5 levels as RLUSD hit the market. Now as it’s the launch day, it is expected that XRP price will take a sharp look to $3 and potentially break above during this week.
XRPUSD Chart – Source: TradingView
If XRP price manages to catch the $3 price mark, it’s likely that a new all-time high might be in play. The current all-time high for XRP is $3.317, which it marked in January 2018. Since this high, XRP has struggled to catch up with any significant momentum until 2024.
RLUSD Launch
Ripple USD (RLUSD) is set to be launched on 17 December and it will be available across global crypto exchanges. This stablecoin will be operating under regulatory oversight of the New York Department of Financial Services (NYDFS), ensuring compliance with regulatory standards.
With the launch, RLUSD is going to be one of the largest stablecoin as it will already have millions of users within the Ripple community. After launch, RLUSD will be available to purchase on various platforms including Uphold, MoonPay, and CoinMENA.
New all-time high for XRP?
If XRP mamages to break $3 and hold above that price level, the chances for printing a new all-time high increases. The current all-time high for XRP is $3.317, marked 6 years ago in January 2018. Several analysts are expecting that XRP will reach a new all-time high this week following the launch of RLUSD stablecoin.
Read: What to Expect from Ripple RLUSD? Will it Pump XRP Price?
