XRP price returned to the upside on Thursday, gaining 4.2% at the time of writing to halt a two-day decline. The coin traded at $2.44, bringing its weekly gains to 66%. The recovery mirrored a market-wide resurgence after Bitcoin price broke into the $100k price territory for the first time in history.
The recovery comes in the wake of news that XRP issuer Ripple Labs has delayed the much-awaited launch of its stablecoin, RLUSD. In a post on social media platform X, the organization denied reports that it would launch RLUSD on December 4th, stating that it had not yet obtained approvals from the New York Department of Financial Services (NYDFS).
RLUSD is a stablecoin pegged 1:1 to the US dollar and is expected to complement XRP in enhancing cross-border payments. Earlier on Wednesday, Tron Founder, Justin Sun, hinted the coin could be launched on the Tron network.
Another significant development around XRP price is the nomination of Paul Atkins as the next Chairman of Securities and Exchange Commission. US President-elect, Donald Trump, picked Atkins, a known crypto supporter, and a former SEC commissioner, to replace Gary Gensler, whose tenure will come to an end on January 20 via resignation.
XRP has been the poster child of Gensler’s high-handed approach to crypto regulation. The SEC filed against Ripple Labs in December 2020, and in October, it appealed against a ruling that was seen as favourable to the organisation. The protracted legal battle had subdued XRP price below the $2 mark, before Trump’s win rang freedom bells.
XRP price pivots at $2.37, and the momentum indicator calls for further upside. Immediate resistance will likely be at $2.50, but extended control could breach that mark. That could potentially advance gains to test the next barrier at $2.57.
Alternatively, moving below $2.37 will swing the momentum toward the downside. With the sellers in control; the first support is likely to come at $2.30. A break below that level will invalidate the upside narrative, with the resulting momentum potentially testing $2.23.
This post was last modified on Dec 05, 2024, 09:54 GMT 09:54