- XRP has gained over 4.27%, with the price trading at $2.51.
- Ripple announced the official launch of its RLUSD stablecoin on December 17th.
Ripple's XRP has surpassed Tether (USDT) to become the third largest cryptocurrency by market capitalization. XRP's recent series of rises has made waves in the crypto ecosystem.
Ripple's legal battle with the US Securities and Exchange Commission (SEC), which accused the company of selling unregistered securities, took a favorable turn. It seems to have renewed investor confidence and boosted XRP's recent rally.
Notably, Ripple's long-awaited stablecoin, RLUSD, is launching on December 17, after receiving approval earlier this month from the New York State Department of Financial Services (NYDFS). After this, market analysts expect the price of XRP to explode, possibly reaching new all-time highs.
In the early hours, XRP was trading at $2.39; later, it went down to the daily low of $2.34. As the bulls took control, the fund started trading on the upside, visiting the daily high of $2.57. At the time of writing, the altcoin is trading at $2.51, gaining a moderate 4.27%.
In addition, a liquidation of XRP of $17.81 million was observed in the market during this period, according to Coinglass. Also, the asset's daily trading volume was $12.2 billion.
Is XRP's Uptrend Finally Built?
The altcoin's 24-hour trading window shows a recent positive price trend, as the 9-day short-term moving average is above the 21-day long-term moving average. XRP's daily relative strength index (RSI) is 62.20, implying that the asset is in the neutral zone within the market.
It is important to note that the Moving Average Divergence (MACD) line of XRP has briefly crossed above the signal line. This crossover indicates that the current trend is moving up, and that the buying pressure on the fund may increase.
In addition, Chaikin Cash Flow (CMF) is the technical indicator that determines the flow of capital into the fund. This indicator is found to be fixed at 0.02, which indicates positive cash flow and buying pressure in the market. In the meantime, XRP's daily trading volume has increased by more than 80.61%.
XRP's four-hour price movement shows strong bullish sentiment. The altcoin could climb higher only if the current trend strengthens. If this happens, XRP could reconfirm the $2.56 front area. A sustained rise could cause the asset to break through critical resistance levels and gain further.
XRP may struggle to break the nearby $2.52 level if the decline turns. The asset could go backwards, and the altcoin can test the $2.44 area on the downside if bearish pressure grows. In the end, it leads to revisiting the previous levels of XRP.
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