Ripple Labs’ XRP has once again returned to the top five cryptocurrencies by market capitalization. Data from CoinGecko shows that XRP beat Binance Coin (BNB) in terms of market capitalization, with XRP having a market capitalization of $100 billion above BNB’s $94 billion. This surge puts XRP in the elite $100 billion club.
Currently valued at $1.74, XRP has risen by 17% in the last 24 hours and a stunning 200% in the past month, its best showing since December 2017. The cryptocurrency has continued to surge, reaching $1.7, a price it last touched in April of 2021. Currently, XRP is trailing behind Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Solana (SOL).
On the daily chart, the XRP shows a steep upward trend from $0.50 to $1.72 in a parabolic trend this month. The RSI stands at 88.09, indicating that the asset is overbought, while the MACD at 0.25022 points towards the buying pressure. Support levels are at $1.40 and $1.50 while major resistance levels are at $1.80.
A pullback to the $1.50 area, accompanied by a bullish breakout, could be a decent entry opportunity, with the price rallying above $1.80 if volume remains on the rise. Speculations surrounding changes within the US Security and Exchange Commission have boosted investor confidence.
Ripple’s RLUSD stablecoin launch in December
Ripple Labs is making headlines again with its RLUSD stablecoin, a dollar-pegged cryptocurrency that is overcollaterized. According to sources, the New York Department of Financial Services is expected to provide its green light to the stablecoin as early as December, which may lead to the trading of the token.
Ripple first unveiled its plans to launch the RLUSD in April 2024 as a way of challenging other stablecoins such as USDC and USDT. The company has forecast that the stablecoin market will be $2 trillion by 2028.
The pilot of RLUSD was launched in August on the XRP Ledger and Ethereum mainnet, with the intention of adding more blockchains. Ripple has also ensured it partners with exchanges such as Uphold, Bitstamp, Bitso, and other exchanges that support RLUSD. CEO of Ripple Brad Garlinghouse reiterated the company’s commitment to using assets such as XRP to enhance the use cases of the stablecoin.