{"id":27522,"date":"2024-12-11T08:37:26","date_gmt":"2024-12-11T08:37:26","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=27522"},"modified":"2024-12-11T08:37:26","modified_gmt":"2024-12-11T08:37:26","slug":"why-is-the-ripple-xrp-price-up-today-4","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=27522","title":{"rendered":"Why Is the Ripple (XRP) Price Up Today?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

XRP briefly crossed $2.40, fueled by optimism around Ripple\u2019s RLUSD stablecoin approval.
\nAnalysts see potential for the asset to hit $8.40 to $48.12, citing strong technical patterns.<\/p>\n

<\/a><\/span><\/h2>\n

XRP Outperforms Its Rivals<\/h2>\n

The cryptocurrency market continues to struggle following the latest correction, with many leading digital assets charting minor losses on a daily scale. However, this is not the case for Ripple\u2019s XRP, whose price has risen by 6% in the past 24 hours.<\/span><\/p>\n

Several hours ago, it crossed $2.40, while currently, it trades at around $2.32 (per CoinGecko\u2019s data). Its market capitalization is approximately $132 billion, positioning the asset as the fourth-largest in the sector.<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

Perhaps the<\/span> most <\/span>important<\/span> factor fueling the rally is the development surrounding Ripple\u2019s upcoming stablecoin \u2013 RLUSD.<\/span> Just recently, CEO Brad Garlinghouse<\/span> revealed<\/span><\/a> that the financial product has received \u201cfinal approval\u201d from the NYDFS.<\/span>\u00a0<\/span><\/p>\n

\u201cExchange and partner listings will be live soon \u2013 and reminder: when RLUSD is live, you\u2019ll hear it from Ripple first,\u201d the exec added.<\/span><\/p>\n

The company <\/span>displayed its intentions<\/span> to introduce a stablecoin pegged to the US dollar in April this year. Months later, it launched a testing phase during which it minted and burned millions of tokens. Last month, X user Vet claimed that almost all stablecoins <\/span>have<\/span>\u00a0been burned.<\/span> \u201cOn each Ethereum and XRP Ledger, there is only around 100k RLUSD left,\u201d they <\/span>added<\/span><\/a>.<\/span><\/p>\n

XRP\u2019s Next Potential Targets<\/span><\/h2>\n

The regulatory approval for RLUSD has triggered <\/span>huge<\/span> enthusiasm across the Ripple community. Some X users, including XRPcryptowolf, have made bullish predictions, <\/span>envisioning<\/span><\/a> that the stablecoin \u201cwill make XRP the number 1 crypto.\u201d\u00a0<\/span><\/p>\n

Other analysts <\/span>who<\/span> recently set price targets for the token include Ali Martinez and veteran trader Peter Brandt. The former <\/span>suggested<\/span><\/a> that XRP \u201clooks undervalued after breaking out of this massive multi-year symmetrical triangle.\u201d He set a \u201cconservative target\u201d of $8.40 and an \u201coptimistic\u201d one of a staggering $48.12.\u00a0<\/span><\/p>\n

Brandt claimed that XRP has \u201cthe most powerful chart in all of the crypto world.\u201d It is worth mentioning that the market observers weighed in at the end of last week when the coin\u2019s valuation was well above $2.50. At the start of this week, though, XRP experienced a severe pullback, briefly dropping<\/a> below $2 and later recovering some of the losses.\u00a0<\/span><\/p>\n

The post Why Is the Ripple (XRP) Price Up Today?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR XRP briefly crossed $2.40, fueled by optimism around Ripple\u2019s RLUSD stablecoin approval. Analysts see potential for the asset to hit $8.40 to $48.12, citing strong technical patterns. XRP Outperforms Its Rivals The cryptocurrency market continues to struggle following the latest correction, with many leading digital assets charting minor losses on a daily scale. However, […]<\/p>\n","protected":false},"author":0,"featured_media":6190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-27522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27522"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27522"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27522\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6190"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}