Can XRP Price To Hit $4 Amid RLUSD Launch? Analyst Weigh In

• Ripple’s RLUSD stablecoin debut drove the XRP price.
• Ripple price has advanced by 400% since November.
• As per the analysts, whale accumulation could help XRP to rise to $4.

Ripple’s (XRP) crypto has been hovering between $2 and $2.70 levels for the past few weeks. The XRP price has witnessed a massive bull run since November and has climbed by 400%. It has surpassed a crucial level of $2, and buyers have managed to hold.

Ripple’s announcement of its stablecoin RLUSD launch on December 17 caused a surge in the price. The announcement bolstered the market’s confidence. Per analysts, technical trends and increasing whale activity favor the XRP crypto reaching $4.

Amid this bullish rally, the Ripple price experienced panic selling. However, it has bounced back from the 20-day EMA.

Ripple Launched Its Stablecoin RLUSD

On December 17, Ripple formally introduced its stablecoin, RLUSD. The RLUSD is ready to list on exchanges like Bitstamp and is fully configured to function on the Ripple ledger. Soon after its release, traders could trade this asset on those exchanges.

According to Ripple CEO Brad Garlinghouse, RLUSD received approval from NYDFS. Ripple Treasury produced 13 million RLUSD coins just before the launch to guarantee a successful launch.

XRP Price Ready For Another Rally After Ripple Stablecoin Launch

The RLUSD launch by Ripple led to a significant increase in the XRP price. Ripple crypto was trading at $2.51 at press time. That has dropped by 2.12% over the past 24 hours. The market capitalization was $143.62 Billion, and the 24-hour trading volume was $19.04 Billion.

After a decent bullish rally, the XRP crypto has surpassed the $2 mark and is struggling between the $2 and $2.7 levels. However, the token’s price has displayed slow and steady gain for a week and is nearing the last swing high.

It could attract buyers if the price triggers a breakout from the $2.70 mark. The current market sentiment is bullish; any bullish signal could bring buying momentum. Buyers might be eyeing a new all-time high once the price is over the $2.70 mark.

On the other hand, if the digital asset price slips below the $2 mark, it could be a bearish signal. Below the $2 level, most investors and traders might prefer to book profit. Here, profit booking could bring strong selling pressure.

Turning to the technical indicators, the RSI was hovering near the RSI-moving average. It is expected to trigger a golden crossover.

The XRP price was trading over the key moving average, which showcased the bullish forecast. Most of the technical indicators and price actions show a bullish forecast.

XRP Price Analysis and Forecast Based on Recent Trends

Ripple has shown significant resilience and potential for further growth, especially after its stablecoin, RLUSD, launch. This has instilled confidence among investors.

Despite experiencing a slight dip, the XRP price has managed to maintain its position around the critical $2 mark. Any breakout above $2.70 could also lead to increased buying interest and possibly a new all-time high.

However, dropping below $2 could trigger profit-booking and heightened selling pressure. Investors are closely monitoring these price levels for trading opportunities.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.