Will XRP Price Finally Hit $3?
XRP is on the verge of a major breakout, with key developments and market trends suggesting the price may rise. Ripple’s new stablecoin, RLUSD, will launch for trading on Tuesday (December 17) after receiving approval from the New York State Department of Financial Services (NYDFS) earlier this month.
Ripple’s plans to use RLUSD and XRP in cross-border payment solutions for institutional clients bodes well for a bright future for the company and the cryptocurrency. With Ripple’s strong institutional support and RLUSD’s approval, the company is well-positioned to capitalize on these trends as the stablecoin market continues to expand. Ripple’s inclusion of XRP in gas fees for RLUSD transactions has also raised expectations for the cryptocurrency’s value.
Judging from market sentiment, XRP is increasingly attracting the attention of retail investors. The surge in Google search trends reflects growing interest in cryptocurrencies, which could lead to further price appreciation.
What’s next for XRP price?
Analysts are keeping a close eye on XRP’s price charts, studying a bullish pattern known as a bull flag, which historically breaks out to the upside. This pattern suggests a price target for XRP of $4.50 or higher, with some experts predicting that the cryptocurrency could reach $3.50 to $4.50 by the end of the year.
Following the good news, XRP rose 3% in the past 24 hours, trading above the $2.50 mark. If the price breaks the $2.90 resistance on strong volume, it could target the next key level around $3 or even higher. On the other hand, if a pullback occurs, important support levels to watch are $2.40 and the psychological $2 level. The chart shows a strong bullish trend for XRP, with the potential for further gains if current resistance is overcome.
