- XRP stabilizes at $2.39 after a rally to $2.90, with key support at $2.27.
- Trump appoints pro-crypto SEC Chair, boosting hopes for Ripple’s legal resolution.
- Ripple mints 10M RLUSD tokens, advancing stablecoin development.
- Bullish targets for XRP set at $2.92 and $3.99 amid consolidation.
Ripple (XRP) has entered a pivotal moment as its price stabilizes above the $2.27 support level following an intense rally and subsequent pullback. On December 3, the cryptocurrency briefly surged to $2.90, testing the psychological $3 resistance. However, the momentum waned, leading to a retracement.
As of now, XRP is trading at $2.39, with a 24-hour trading volume of $42.94 billion, a market cap of $136.30 billion, and a dominance of 3.67%. Over the past 24 hours, the price has declined by 9.71%, reflecting heightened market volatility.
The crypto space buzzed with excitement as former U.S. President Donald Trump announced the appointment of pro-crypto advocate Paul Atkins as the next SEC Chair. This move has rekindled hopes for XRP and Ripple, as the longstanding legal battle with the SEC could potentially reach a resolution soon. Many believe this could usher in regulatory clarity, paving the way for broader adoption of Ripple’s blockchain solutions.
Ripple’s Stablecoin Advancements
Amidst these developments, Ripple Labs has accelerated its work on its stablecoin, RLUSD, positioning itself as a key player in the expanding stablecoin market. Recent activity on the XRP Ledger revealed the minting of nearly 10 million RLUSD tokens, signaling Ripple’s intent to solidify its role in blockchain-based payment networks.
According to data from XRPScan Explorer, Ripple minted and transferred 9,999,700 RLUSD tokens on Ledger Index 146, moving the entire batch to a Treasury account. This transaction, categorized as a payment, reflects Ripple’s meticulous testing and optimization efforts for RLUSD’s stability.
XRP Price Scenarios and Market Outlook
XRP’s current consolidation aligns with market expectations, with price movements oscillating within Fibonacci levels. Key support levels are identified at $2.27 and $2.13, while the next bullish targets are set at $2.92 and $3.99. Market participants anticipate continued momentum as XRP navigates this consolidation phase.
The combination of a pro-crypto SEC chair, the platform’s advancements in stablecoin testing, and the potential resolution of legal hurdles creates a promising outlook for XRP. As the platform inches closer to regulatory milestones and expands its blockchain ecosystem, the cryptocurrency’s future appears poised for growth.
