- XRP faces resistance at $2.40; breaking this level may lead to $2.60.
- Ripple’s RLUSD stablecoin gains NYDFS approval, boosting investor confidence.
XRP surged 10.65% in the past 24 hours, hitting a high of $2.41, and is currently trading at $2.34. The token’s market cap reached $133.5 billion, with an 8.45% increase, while its 24-hour trading volume stood at $24.33 billion, up 11.21%. Ripple’s circulating supply remains 57.11 billion XRP, close to its 100 billion maximum supply.
Ripple Labs recently secured final approval from the New York State Department of Financial Services (NYDFS) for its RLUSD stablecoin. Ripple CEO Brad Garlinghouse announced the approval on December 10, highlighting upcoming exchange and partner listings.
Following the announcement, XRP’s price jumped 10%, reflecting investor confidence. The token had dipped below $2 earlier but quickly recovered, showcasing its resilience in a volatile market. Ripple’s strategic developments, including RLUSD’s approval, enhance its position in the crypto market. Investor sentiment remains positive, driving XRP’s price higher.
Bullish Indicators for XRP
The technical indicators support this bullish momentum. As shown in the TradingView chart, XRP faces immediate resistance at $2.40, near its recent high. Breaking above this level could propel the price toward $2.60, supported by the strong bullish sentiment. On the downside, support lies at $2.00, a critical level for maintaining upward momentum.
The Relative Strength Index (RSI) stands at 78.49, indicating overbought conditions but also strong buying pressure. The RSI average of 64.42 further confirms this bullish trend. Moving averages also signal continued growth.
The 9-day moving average of $2.40 crosses above the 21-day moving average at $1.99, forming a bullish crossover. This pattern suggests further upside potential in the short term. However, traders should monitor key resistance and support levels closely.
Sustaining the price above $2.40 could pave the way for further gains, while a drop below $2.00 might signal a short-term correction. The token’s performance aligns with Ripple’s regulatory and strategic advancements, reinforcing its growth potential in the current market.
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