XRP price is drawing significant attention as its price nears a crucial resistance point. A prominent crypto analyst, known as Dark Defender, recently highlighted on X that XRP price is close to completing an ABC corrective wave on the daily chart.
XRP Price Analysis Amid RLUSD Launch
According to the analyst, “It will be confirmed if XRP breaks $2.52. I expect XRP to break here within 24 hours. Road to $5.85 first & then $18.22.” The token has seen a remarkable surge this month, fueled by market-wide gains and heightened investor interest.
Moreover, XRP’s rally has made it one of the standout performers in the crypto space, supported by increasing demand and positive sentiment. Furthermore, Ripple Labs, the blockchain company behind XRP, recently secured final approval from the New York Department of Financial Services (NYDFS) to launch its RLUSD stablecoin.
Hi there. #XRP has almost finalised the ABC Corrective Wave pattern in the daily time frame!
It will be confirmed if XRP breaks $2.52.
I expect XRP to break here within 24 hours.
Road to $5.85 first & then $18.22.
Not Financial Advice#XRPArmy #XRPCommunity #Ripple #RLUSD pic.twitter.com/M4AGMV3Oyy
— Dark Defender (@DefendDark) December 11, 2024
On December 10, Ripple’s CEO Brad Garlinghouse announced the milestone. He stated, “Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from Ripple first.”
The RLUSD stablecoin is expected to play a pivotal role in enhancing XRP’s functionality. By facilitating liquidity for RLUSD, XRP could gain further utility in transactions, settlements, and interoperability between blockchain networks. Additionally, XRP may serve as collateral to back RLUSD issuance.
XRP’s Recent Price Movement and Forecasts
Currently trading at $2.41, XRP price has climbed 4.66% in the past 24 hours. It surged by an impressive 491% between late October and early December, driven by bullish market conditions and speculation around Ripple’s developments. Short-term projections suggest XRP price could reach $5 to $6, reflecting a potential 150% increase.
Meanwhile, medium-term targets extend to $8 to $10. Whilst, the long-term predictions place the asset’s value between $15 and $20, marking a significant 500% gain from its current levels.
The RLUSD launch isn’t the only factor contributing to XRP’s momentum. Broader regulatory clarity in major markets and increasing adoption for cross-border payments are strengthening XRP’s use cases. Partnerships with financial institutions and advancements in the XRP Ledger also boost its appeal.
Also Read: XRP Price Set to Escape Market FUD With Whale Buying; Is $4 Close?
