Ripple announced that the RLUSD stablecoin will be officially launched on Tuesday. RLUSD runs on platforms such as MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEx. If XRP sustains heavy trading above the $2.58 and $2.92 resistance levels, XRP could rise to an all-time high of $4.75.
Ripple (XRP) confirmed in a press release on Monday that its RLUSD stablecoin will be officially launched on Tuesday on exchanges including MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEx. Bullish sentiment surrounding the launch could help XRP overcome the $2.58 and $2.92 resistance levels.
RLUSD begins operations on Tuesday after receiving regulatory approval
Ripple’s long-awaited USD-denominated stablecoin is set to go public following Monday’s announcement that RLUSD will launch globally on Tuesday.
The news was announced after Ripple received approval to issue a stablecoin from the New York Department of Financial Services (NYDFS) on December 10th, but before that, the crypto community had predicted that the issuance would take place on December 4th. was.
Ripple said RLUSD is an “enterprise-grade USD-denominated stablecoin created with trust, utility, and compliance at its core.”
Ripple President Monica Long said in an X post on Monday:
The release of RLUSD marks a new chapter for both and the XRP Ledger. @Ripple Used in over $70 billion in payment flows. Combined with over 10 years of business experience, we can attest to the rigor and compliance required to issue a stablecoin. @NYDFS Chartered company; and experienced advisory…
— Monica Long (@MonicaLongSF) December 16, 2024
Stablecoins aim to maintain a 1:1 peg to the US dollar and hold US dollar deposits, short-term government bonds, and other liquid cash assets.
RLUSD will be publicly traded on exchanges such as MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEX. The company said it aims to launch stablecoins on other platforms such as Bullish, Bitstamp, and Mercado Bitcoin in the coming weeks.
Ripple also plans to use stablecoins to start making cross-border payments for its customers starting early next year.
Additionally, RLUSD will initially be available on the XRP Ledger and Ethereum mainnet for on-chain users to utilize across DeFi protocols.
Ripple added that an independent auditing firm will issue monthly certifications of RLUSD's reserve assets to ensure transparency.
Ripple’s XRP Validates Bullish Flag Pattern Following Weekend Rally
According to data from Coinglass, XRP is up 1% after experiencing $18.62 million in liquidations in the past 24 hours. The total amount of long positions liquidated was $10.14 million, while the short liquidation amounted to $8.48 million.
The remittance-based token validated the bullish flag pattern over the weekend by breaking above the flag downtrend line. After rebounding from the 23.6% Fibonacci retracement level on Monday, XRP further rebounded to test the $2.58 resistance level.
XRP/USDT daily chart
The maximum profit target from the length of the pole indicates that XRP could reach an all-time high of $4.75. A massive move above the $2.58 and $2.92 resistance levels could accelerate the rally to $4.75.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above the neutral level, indicating that bullish momentum is prevailing.
This hypothesis will be invalidated if the daily candlestick closes below the support level of $1.96.
