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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.