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?

Table of Contents

CoinsProbe

Other articles published on Dec 11, 2024

Why FX Guys Could Deliver Better ROI Than Virtuals or Shiba Inu in the Long Run

Judge delays sentencing of ex-Celsius exec following Mashinsky’s plea deal

Can Stablecoin’s ‘Dry Powder’ Effect Propel Bitcoin Past 100K Once Again?

Brad Garlinghouse Calls Out 60 Minutes Over XRP Coverage

Chainlink Joins Forces with Coinbase for Innovation

Notcoin Earn Program Launched To Attract New Users To The Ecosystem

Join our free newsletter for daily crypto updates!