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The XRP price has jumped 6.8% in the last 24 hours to trade at $2.34 as 3:25 a.m. EST on a 13% pump in trading volume to $26 billion.
This surge in the Ripple token’s price comes after Ripple CEO Brad Garlinghouse announced on Tuesday that the New York Department of Financial Services (NYDFS) approved the launch of its stablecoin, RLUSD.
This just in…we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
RLUSD is a stablecoin designed to maintain a 1:1 peg to the US Dollar. Like popular stablecoins such as USDT and USDC, Ripple asserts that RLUSD will be backed by actual US Dollar deposits, short-term government treasuries, and other cash equivalents.
XRP Price Rebounds On A Double Bottom Pattern
The XRP/USDT trading pair, in the 4-hour timeframe, presents an interesting setup with a clear support zone and resistance level. The support zone, located around the $2.00 price level, has proven to be a strong area of buying interest, as XRP recently experienced a sharp rebound after testing this level.
This rebound signals potential bullish momentum. On the other hand, the resistance level near $3.00 remains a significant hurdle, where XRP faced selling pressure in previous attempts to break higher.
XRPUSDT Analysis Source: Tradingview
The price action suggests a possible rally as XRP moves upward from the support zone. The 50-period moving average (currently near $2.41) acts as a dynamic support, further reinforcing the bullish outlook. Meanwhile, the 200-period moving average at $1.51 is much lower, indicating a broader upward trend in the medium term.
The Relative Strength Index (RSI) at 48.20 shows that XRP is neither overbought nor oversold, with a slight upward trajectory hinting at building bullish momentum.
In the short term, the XRP price will likely target the $2.50 level. If this is breached, the price could test the $3.00 resistance. A sustained breakout above $3.00 would signal further upside potential.
However, if the price fails to hold above $2.00, it could trigger a bearish move toward $1.80 or even the 200-period moving average near $1.51. Traders should monitor these critical levels closely to anticipate the next significant move.
Last Chance To Buy Crypto All-Stars: Presale Ends In 9 Days
As XRP price picks up momentum, investors are flocking to buy the Crypto All Stars (STARS) presale, which ends in just 9 days. The project has already garnered significant traction, blasting past $11.9 million in presale funding.
ClayBro, a popular crypto YouTuber with over 134K subscribers, says STARS could soar 10X after it launches.
Crypto All-Stars is set to transform the meme coin market with its innovative MemeVault Ecosystem, a platform that allows investors to stake multiple top meme coins in one place for the first time.
At launch, the platform will support staking for eleven popular meme coins that are Pepe, Dogecoin, Shiba Inu, Floki Inu, Brett, Mog Coin, Milady Meme Coin, Turbo, Toshi, Coq Inu, and Bonk. Additional meme coins are expected to be added in the coming months.
It is coming to an end soon – @all_stars_coin! Don't miss out!
💹 CRYPTO ALL STARS – Presale 👉 https://t.co/Ra9yjwjvxG pic.twitter.com/NooWCW7R4q
— Austin Hilton (@austinahilton) December 9, 2024
Investors can also stake STARS tokens on the platform to earn a humongous annual return of 206%.
Currently, STARS is available for purchase at $$0.0016782.
You can buy $STARS directly from the official website using BNB, USDT, or a bank card.
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