- XRP trades at $2.47, supported by a 2.6% daily gain, reclaiming the third spot on CoinMarketCap.
- Ripple’s RLUSD stablecoin launch on major exchanges enhances XRP’s market potential, fueling optimism for increased liquidity and adoption.
- XRP remains 27.3% below its all-time high, with ETFs and broader crypto momentum as key bullish drivers.
Renowned cryptocurrency analyst DonAlt, celebrated for accurately predicting XRP’s rally in November, suggests the token’s price could potentially double if it breaks out of its current trading range.
The analyst identified a critical price range, with support at $2.20 and resistance at $2.60, which has held XRP’s movement since early December after failing to sustain a push toward $3.
At the time of writing, XRP is trading at $2.47, reflecting a 2.6% increase over the past 24 hours. This upward momentum has propelled XRP to reclaim the third position on CoinMarketCap, surpassing Tether (USDT) in market capitalization.
This range breaks to the upside and XRP prolly doubles again pic.twitter.com/gr4OLqDIhd
— DonAlt (@CryptoDonAlt) December 16, 2024
The anticipation surrounding Ripple’s RLUSD stablecoin launch has added to the token’s momentum. Ripple recently confirmed that RLUSD will debut on major exchanges this coming Tuesday, fueling interest among market participants.
Additionally, XRP has benefited from broader market activity, as Bitcoin reached new all-time highs earlier today, setting a bullish tone for cryptocurrencies.
Despite the strong rally XRP experienced in November, DonAlt emphasizes that the token could see further upside if it decisively breaks above the $2.60 resistance level. Such a breakout could attract momentum-driven buying pressure.
Market speculation around potential XRP Exchange-Traded Funds (ETFs) has also emerged as a key factor that could strengthen the token’s appeal.
XRP is trading 27.3% below its historical peak established seven years ago. The impending RLUSD stablecoin deployment and XRP’s capacity to surpass critical resistance levels are expected to influence its valuation trajectory.
As market observers continue to monitor these developments, XRP’s price action remains a focal point for traders, with the convergence of technical and fundamental factors shaping its near-term prospects.
The combination of Ripple’s ecosystem expansion and the ongoing crypto market rally could position XRP for substantial price appreciation.
The current price of XRP (Ripple) is approximately $2.54, reflecting a 2.23% increase in the last few hours. This recent upward momentum has been driven by the launch of Ripple’s RLUSD stablecoin and growing institutional interest.
Key Levels to Watch:
- Resistance: $2.60 (critical for further bullish momentum).
- Support: $2.4 and $2.420.
Future Outlook:
Analysts suggest that if XRP successfully breaks above the $2.60 resistance level, the next targets could be $3.00 and potentially $4.00 in a strong bullish scenario. This outlook is supported by Ripple’s increasing adoption for cross-border solutions and rising institutional demand.
