- Ripple announced its RLUSD stablecoin will officially launch on Tuesday.
- RLUSD will go live on platforms including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEx.
- XRP could rally to a new all-time high of $4.75 if it sustains a high volume above the $2.58 and $2.92 resistance levels.
Ripple (XRP) confirmed in a press release on Monday that its RLUSD stablecoin will officially launch on Tuesday across exchanges, including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEx. Bullish sentiments surrounding the launch could help XRP overcome the $2.58 and $2.92 resistance levels.
RLUSD to go live on Tuesday following regulatory approval
Ripple's much anticipated USD-backed stablecoin is set to go live after a Monday announcement that RLUSD would launch globally on Tuesday.
The news comes after Ripple received approval from the New York Department of Financial Services (NYDFS) on December 10 to lauch the stablecoin, before which the crypto community had anticipated a December 4 launch.
Ripple stated that RLUSD is an "enterprise-grade, USD-denominated stablecoin created with trust, utility, and compliance at its core."
Ripple's president, Monica Long, noted in an X post on Monday:
The release of RLUSD marks a new chapter – both for the XRP Ledger, as well as @Ripple for use in our $70B+ payments flows. Combining our 10+ yrs in the business; the rigor & compliance required with stablecoin issuance by a @NYDFS chartered company; and an experienced Advisory…
— Monica Long (@MonicaLongSF) December 16, 2024
The stablecoin is intended to maintain a 1:1 peg with the US dollar, with reserves of US dollar deposits, short-term Treasury bonds and other liquid cash assets.
RLUSD will go live on exchanges, including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEX. The company stated that it aims to launch the stablecoin on other platforms like Bullish, Bitstamp, Mercado Bitcoin and many others over the next few weeks.
Ripple also plans to use the stablecoin to initiate cross-border payments for its customers starting early next year.
Furthermore, RLUSD will initially be available on the XRP Ledger and Ethereum Mainnet for on-chain users to leverage across DeFi protocols.
Ripple added that an independent auditing firm will issue monthly attestations of RLUSD's reserve assets to ensure transparency.
Ripple's XRP validates bullish flag pattern following weekend's rise
XRP is up 1% after experiencing $18.62 million in liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long positions is $10.14 million, while short liquidations accounted for $8.48 million.
The remittance-based token validated a bullish flag pattern over the weekend with a breakout above the flag's descending trendline. XRP rallied further to test the resistance level at $2.58 on Monday after bouncing off the 23.6% Fibonacci Retracement level.
XRP/USDT daily chart
The maximum profit target from the pole's length indicates that XRP could hit a new all-time high of $4.75. A high volume move above the resistance levels at $2.58 and $2.92 could accelerate the rally to $4.75.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above their neutral levels, indicating dominant bullish momentum.
A daily candlestick close below the support level at $1.96 will invalidate the thesis.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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