XRP's price surged after Ripple announced the upcoming launch of its new stablecoin RLUSD on December 17. The news sparked optimism in the market, with analysts predicting further growth towards $4.
XRP Price Surge After Announcement
XRP witnessed strong growth after Ripple confirmed the launch of its new stablecoin, RLUSD. The price rose from $2.36 to $2.56, marking an 8.47% increase. Within 24 hours, the price reached $2.69, reflecting a 13.17% gain and a 26.31% weekly increase. The market cap of XRP stands at $153.75 billion, with a circulating supply of 57 billion tokens. Crypto analyst Ali noted that once XRP clears the $2.60 resistance, it could head towards $4.
Ripple Prepares for RLUSD Launch
Ripple has confirmed that RLUSD will officially launch on December 17. The stablecoin, designed to operate on the XRP Ledger, will be available on exchanges such as Bitstamp. Ripple CEO Brad Garlinghouse announced that the RLUSD received approval from the New York State Department of Financial Services, showing readiness for the release. Shortly before the launch, Ripple Treasury minted 13 million RLUSD to ensure a smooth rollout. David Schwartz, Ripple’s Chief Legal Officer, commented that the RLUSD launch would offer new opportunities for developers and users by combining the benefits of RLUSD, XRP, and the XRP Ledger.
Whale Activity Drives Market Momentum
The XRP price rally has also been supported by significant whale activity. Blockchain tracker Whale Alert reported a transfer of 69.3 million XRP (approximately $175.87 million) to Binance. XRP-focused analytics platform Bithomp confirmed the transaction was internal involving Binance linked wallets. Earlier reports revealed even larger movements: 800 million XRP and 120 million XRP moved within Binance's structure. These internal reshufflings have contributed to market positivity, suggesting that large investors are positioning themselves for Ripple’s stablecoin.
Ripple's announcement of the RLUSD stablecoin has sparked investor optimism, driving XRP prices higher. While profits are possible, steady demand suggests continued upwards momentum, with potential for the price to reach $4 according to analysts.
