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Harvey Hunter
Junior Content Creator
Harvey Hunter
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The news has created significant tailwinds for the XRP price, triggering an 18.46% rally in the 36 hours post-announcement. With these bolstered fundamentals, bullish end-of-year projections eyeing a new high seem well within reason.
The jump has completely erased the downside caused by the early week $1.6 billion liquidation event that crippled most notable altcoins, leaving XRP with just a 0.1% loss.
However, much of the initial hype has since died down as trading volume has slumped by 47.5% to $12.6 billion over the past 25 hours. The XRP price now appears to be finding footing for its next move.
Ripple’s RLUSD Stablecoin Receives Final Approval
Ripple’s USD-backed stablecoin is set for its public debut following final approval from the New York Department of Financial Services (NYDFS), the state’s top crypto regulator.
Ryan Lee, chief analyst at Bitget Research, said that Ripple’s introduction of $RLUSD could significantly enhance XRP’s utility and liquidity.
“By increasing transaction volumes and demand for XRP, RLUSD may play a pivotal role in supporting price growth. Additionally, Ripple’s ongoing adoption for cross-border payments continues to bolster market sentiment,” he said.
XRP Price Analysis: Can XRP hit $10?
Lee also credited optimistic scenarios suggesting an XRP price peak above $10, however, he cautioned that these targets “hinge largely on adoption and a resolution to regulatory hurdles.”
In the near term, XRP’s technical setup lends to target around its past all-time high. Beyond that, the XRP price will be in a discovery phase, with fundamentals and wider market moves likely being the main contributors to a new high pushing into 2025.
Following a sharp upward move in late November, the XRP price appears to be consolidating within a descending channel, forming a flag, before its next move up.
This channel may be nearing its end, though, as the Relative Strength Index (RSI) has found its footing in the neutral zone at 50 after a stint in oversold territory. The MACD line also holds its position above the signal line, confirming that the bulls are vying to determine the next move.
Given a breakout occurs, the pattern sets a price target of $3.50 towards the year’s end, reclaiming XRP’s past all-time high in a 50% advance on current prices.
However, the support provided by the 50SMA thus far will need to hold to rule out a potential retest of the pattern’s lower boundary.
This Fleeting Opportunity Could Bring Bigger Gains
While a new high for the XRP price is certainly appealing, emerging opportunities hold the potential for quicker and more substantial returns. After all, fortune favors the bold.
As “meme coin supercycle” sentiment takes hold and coins like $Coolguy and $Pnut experience sudden rises to prominence, strategic investors are looking to newer low-cap meme coins with exponential growth potential.
Among them, Crypto All-Stars ($STARS) stands out as a unique opportunity, pioneering the industry’s first meme coin staking platform.
The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.
This allows the most dedicated meme coin holders to stay true to their favorite coins while capitalizing on the gains staking offers. Something which may be credited to the project’s instant success, raising over $13 million in its presale already!
Investors who passed thus far are already kicking themselves, especially as $STARS itself offers one of the best passive income opportunities right now with a substantial 190% APY.
While the market has suffered under recent volatility, early All-Star investors have been raking in consistent gains!
While it’s not too late yet, the opportunity is fleeting. With the presale nearing its end in just over 8 days, the window to take action is closing fast!
Join the Crypto All-Stars community on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
