RLUSD gets New York regulator approval, XRP breaks downtrend
The NYDFS approved the RLUSD stablecoin, according to Ripple CEO.
Over the previous month, whales moved 2.66 billion XRP tokens to Binance.
XRP may retest $3 after surging almost 7% after Ripple's announcement.
Tuesday, Ripple CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) approved the debut of its stablecoin RLUSD. Despite on-chain statistics showed a massive supply pool flooding Binance, XRP rose roughly 7% following the announcement.
RLUSD launches after New York authorities approve, whale supply hits Binance CEO Brad Garlinghouse said on Tuesday in an X post that the NYDFS has accepted Ripple's RLUSD stablecoin for listing over a week after rumors of an actual debut. The permission allows RLUSD to launch on major exchanges.
RLUSD is a stablecoin pegged 1:1 to the US Dollar. Ripple promises that US Dollar deposits, short-term government treasuries, and other cash equivalents will support RLUSD, like USDT and USDC.
Ripple released RLUSD in April and began beta testing on XRP Ledger and Ethereum in August.
Ripple introduced Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish as RLUSD exchange partners in October.
Market makers B2C2 and Keyrock will provide liquidity. This partnership ensures stablecoin availability and market efficiency.
Some crypto community members believe RLUSD's introduction would boost XRP by giving Ripple a less volatile asset to expand its remittance and settlement services.
XRP rose almost 7% from $1.90 after RLUSD's acceptance. After a week of loss, the market recovered, maybe owing to whale selling pressure.
The Binance exchange reserve fell by 320 million XRP throughout the same time. Bulls have taken advantage of whale selling.
XRP might recoup $2.58 and test resistance at $3, where it previously saw severe selling pressure, if it sustains its rally.
To continue rallying, XRP must stay above $1.96.
The premise fails if daily candlesticks close below $1.35. #RLUSD $XRP #XRP
XRP is skyrocketing again! 🚀🔥 So much for the "zero" predictions—guess the charts had the last laugh! 📈💹 With momentum building, don't be surprised if it pushes toward new highs soon. 🌕 To the moon and beyond! 💎✨
Despite the overall crypto market taking a bearish turn, TRX is still showing bullish momentum! 🚀💥 Now's the perfect time to buy and ride the wave! 💰📈 #TRX #Crypto #Bullish #TrxUstd #MarketCorrection #BearishPhase
Ripple: A Temporary Dip Before a Bullish Breakout 🚀 $XRP
Ripple (XRP$XRP ) has faced bearish pressure recently, aligning with the broader crypto market downturn. The current decline, however, appears to be part of a temporary market adjustment rather than a long-term trend reversal. This is a phase of consolidation, creating the foundation for a bullish comeback. 🌟
Why the Drop? 📉
The crypto market is reeling under a wave of negative sentiment, largely driven by:
1. Regulatory Uncertainty: Global debates about cryptocurrency frameworks have dampened investor confidence.
2. Macroeconomic Concerns: Interest rate hikes and market volatility have impacted risk assets like cryptocurrencies.
3. Market-Wide Correction: Following the explosive growth earlier this year, a pullback is a healthy occurrence.
The Bullish Case for Ripple 📈
Despite the temporary dip, Ripple’s long-term outlook remains strong due to:
1. Technical Patterns:
XRP is showing signs of forming a Double Bottom pattern, a bullish reversal indicator. Such patterns historically precede significant upward moves.
Support levels around $0.50 are holding steady, indicating buyer interest at these levels.
2. Fundamental Strength:
Ripple's legal wins in the SEC case have provided clarity, boosting institutional confidence.
Growing adoption of RippleNet and XRP in cross-border payments.
3. Market Trends:
Oversold conditions on indicators like the RSI suggest a potential rally.
A bullish crossover on moving averages could be on the horizon, confirming the reversal.
Market Sentiment: A Rebound is Imminent 🌈
Historically, the crypto market thrives on cycles. A bearish phase often sets the stage for a stronger bull run. As regulatory clarity improves and macroeconomic fears ease, Ripple is poised to outperform. #Ripple💰 #XRPGoal #xrpsucess