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$XRP is on the verge of a major breakout, with key developments and market trends suggesting a potential surge in price. Ripple’s new stablecoin, $RLUSD, is set to launch for trading on Tuesday (December 17), after receiving approval from the New York State Department of Financial Services (NYDFS) earlier this month.
Ripple’s plans to use $RLUSD and $XRP in cross-border payment solutions for institutional clients hint at a bright future for both the company and the cryptocurrency. With Ripple’s strong institutional backing and the approval of $RLUSD, the company is well-positioned to capitalize on these trends as the stablecoin market continues to expand. Ripple’s integration of $XRP for gas fees in $RLUSD transactions has also raised expectations for the cryptocurrency’s value.
In terms of market sentiment, $XRP has been gaining increasing attention from retail investors. A surge in Google search trends reflects growing interest in the cryptocurrency, which could lead to further price appreciation.
What’s Next For $XRP Price?
Analysts are closely watching $XRP’s price chart, examining a bullish pattern known as a bull flag, which historically breaks to the upside. This pattern suggests a price target of $4.50 or higher for $XRP, with some experts predicting the cryptocurrency could reach $3.50 to $4.50 by the end of the year.
Following the positive news, $XRP has risen by 3 percent in the past 24 hours, trading above the $2.50 mark. If the price breaks through the resistance at $2.90 with strong volume, it could aim for the next key level around $3 or even higher. On the other hand, if there is a pullback, important support levels to watch are at $2.40 and the psychological level of $2. The chart suggests a strong bullish trend for $XRP, with potential for further gains if the current resistance is overcome.