- Ripple’s XRP rose to $1.7 after rumors of RLUSD approval by New York regulators made the headlines.
- Bitwise's André Dragosch stated that an XRP approval is even more likely in 2025 as retail investors show higher demands.
- XRP could extend its rally by 30% if it surges above the $1.96 level.
Ripple's XRP rallied near the $2 mark on Friday after rumors of New York regulators approving the company's RLUSD stablecoin surfaced. The growing demand for an XRP exchange-traded fund (ETF) could also accelerate its launch in 2025.
Ripple's XRP sees high bullish momentum ahead of potential stablecoin approval and ETF launch
XRP is seeing increased positive sentiment after posting double-digit gains on Friday following recent updates concerning its stablecoin release and ETF approval.
The remittance-based token surged over 17%, flipping BNB as the fifth largest cryptocurrency and reaching the $100 billion milestone.
The rise can be traced to rumors stating that the New York Department of Financial Services (NYDFS) may be considering approving Ripple's new stablecoin, RLUSD, with a potential launch in December, according to Fox Business.
By introducing a regulated stablecoin, Ripple aims to provide a reliable alternative to XRP for customers seeking to use digital currencies without the risks associated with volatility and regulatory ambiguity.
This would position Ripple as a competitor to popular issuers like Tether and Circle in New York's regulated digital finance market.
Meanwhile, Bitwise analysts suggested in a Friday report that an XRP ETF is more likely to receive the green light from the Securities & Exchange Commission (SEC) in 2025.
According to the report, XRP is among the top most searched tokens by retail investors, ranking 4th in allocation. This suggests that investors are actively seeking means to gain XRP exposure.
The report also highlighted that a wide array of XRP use cases solidifies its value as an asset, especially in powering cross-border payments in the traditional financial system.
XRP on the way to complete rounded bottom pattern
XRP rallied over 17%, sparking $24.75 million in liquidations in the past 24 hours, per Coinglass data. Liquidated long and short positions accounted for $7.58 million and $17.17 million respectively.
XRP is approaching the $1.96 high of 2021 as it looks to complete a rounded bottom pattern. If XRP fails to see a rejection near the $1.96 resistance, it could extend its rally by over 30% to $2.58.
XRP/USDT weekly chart
The Relative Strength Index (RSI) is deep in the oversold region, indicating prices are getting overheated and may see a correction.
A weekly candlestick close below $1.35 will invalidate the thesis.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: BTC climbs to $97K, SHIB demand dips, TON lifted by Tornado Cash verdict
Bitcoin price rose 4% on Thursday, breaching the $97,000 mark after opening at $91,947 on Wednesday. Amid the BTC rally, privacy-inclined projects like Monero (XMR) and Toncoin (TON) received a major boost alongside crypto AI coins such as Render (RNDR) and Artificial Super Intelligence Alliance, (FET).
Marathon Digital acquires 700 BTC as Bitcoin reserve strategy gains momentum
Marathon Digital (MARA) has solidified its position as a major corporate Bitcoin holder, acquiring 703 BTC in November, increasing its total to 6,474 BTC.
Paul Atkins tipped to lead pro-crypto shift at SEC
Paul Atkins, a veteran regulator and pro-crypto advocate, is reportedly a top contender to lead the US Securities and Exchange Commission (SEC) under President-elect Donald Trump’s administration.
Dogecoin Price Forecast: Technical indicators show bearish divergence as holders book profits
Dogecoin (DOGE) price hovers around the $0.40 level on Thursday after recovering from a pullback earlier this week. The technical outlook suggests a downward trend for DOGE, as the Relative Strength Index (RSI) shows a bearish divergence in the daily chart, and the Moving Average Convergence (MACD) indicator suggests a selling signal.
Bitcoin: A healthy correction
Bitcoin (BTC) experienced a 7% correction earlier in the week, dropping to $90,791 on Tuesday before recovering to $97,000 by Friday. On-chain data suggests a modest rebound in institutional demand, with holders buying the dip. A recent report indicates BTC remains undervalued, projecting a potential rally toward $146K.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.