Date: Wed, Dec 11, 2024, 05:54 PM GMTThe cryptocurrency market is showing signs of recovery after experiencing a sharp correction over the past two days. Major <a href="https://coinsprobe.com/xrp-and-ada-marked-double-digit-corrections-are-they-mirroring-previous-bull-run-patterns/" rel="noopener noreferrer nofollow">altcoins </a>suffered significant declines, but XRP has stood out by regaining momentum. Ripple’s native token rebounded from yesterday’s low of $1.90 to its current price of $2.35, marking an impressive over 7% surge.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c0b8d0d19ae942b99c32031368e8d9ff.png" />Source: CoinmarketcapThis rise coincides with Ripple’s latest major development: the regulatory approval of its RLUSD stablecoin.<h3 id="rlusd-stablecoin-approval">RLUSD Stablecoin Approval:</h3>Ripple has achieved a significant milestone with its U.S. dollar-backed stablecoin, RLUSD, receiving final regulatory approval from the New York Department of Financial Services (NYDFS). Ripple CEO Brad Garlinghouse <a href="https://x.com/bgarlinghouse/status/1866571228464460215" rel="noopener noreferrer nofollow">shared </a>the news on social media platform X, sparking excitement among investors.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/efc9692bd7e0455cbf1563ed5f16c3d1.png" />Source: &#64;bgarlinghouse (X)The approval has paved the way for RLUSD to debut on exchanges and Ripple&#39;s partner platforms. This development not only positions Ripple as a major player in the stablecoin market but also boosted market sentiment for XRP, pushing its price to a high of $2.41 earlier today.<h3 id="are-more-gains-ahead">Are More Gains Ahead?</h3>The XRP/USD 4-hour chart shows that XRP has bounced back from the lower support of its descending channel and is currently trading at $2.35.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4f385db16d3c4d98b7bd254da9cb1a8f.png" /><ul><li>RSI Indicator: The Relative Strength Index (RSI) is currently around 49 suggesting XRP is transitioning from oversold levels and gaining bullish momentum.</li><li>MACD Indicator: The Moving Average Convergence Divergence (MACD) line has just crossed above the signal line, accompanied by a shrinking bearish histogram, indicating the potential for further upward movement.</li></ul>From here, XRP is likely to approach the upper resistance trendline of its descending channel, located around $2.50. A successful breakout above this level could see XRP targeting resistance levels at $2.65 and $2.90.However, traders should remain cautious as the broader market sentiment and Bitcoin&#39;s price action will heavily influence XRP&#39;s trajectory in the coming days.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/avalanche-avax-and-polkadot-dot-complete-retests-post-major-breakouts-amid-correction-what-to-expect-ahead/" rel="noopener noreferrer nofollow">Avalanche (AVAX) and Polkadot (DOT) Complete Retests Post-Major Breakouts Amid Correction: What To Expect Ahead?</a>

XRP Gains Momentum Following RLUSD Stablecoin Approval: Are More Gains Ahead?

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