Why Is the Ripple (XRP) Price Up Today?

TL;DR

• XRP briefly crossed $2.40, fueled by optimism around Ripple’s RLUSD stablecoin approval.
• Analysts see potential for the asset to hit $8.40 to $48.12, citing strong technical patterns.

XRP Outperforms Its Rivals

The cryptocurrency market continues to struggle following the latest correction, with many leading digital assets charting minor losses on a daily scale. However, this is not the case for Ripple’s XRP, whose price has risen by 6% in the past 24 hours.

Several hours ago, it crossed $2.40, while currently, it trades at around $2.32 (per CoinGecko’s data). Its market capitalization is approximately $132 billion, positioning the asset as the fourth-largest in the sector.

Perhaps the most important factor fueling the rally is the development surrounding Ripple’s upcoming stablecoin – RLUSD. Just recently, CEO Brad Garlinghouse revealed that the financial product has received “final approval” from the NYDFS. 

“Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from Ripple first,” the exec added.

The company displayed its intentions to introduce a stablecoin pegged to the US dollar in April this year. Months later, it launched a testing phase during which it minted and burned millions of tokens. Last month, X user Vet claimed that almost all stablecoins have been burned. “On each Ethereum and XRP Ledger, there is only around 100k RLUSD left,” they added.

XRP’s Next Potential Targets

The regulatory approval for RLUSD has triggered huge enthusiasm across the Ripple community. Some X users, including XRPcryptowolf, have made bullish predictions, envisioning that the stablecoin “will make XRP the number 1 crypto.” 

Other analysts who recently set price targets for the token include Ali Martinez and veteran trader Peter Brandt. The former suggested that XRP “looks undervalued after breaking out of this massive multi-year symmetrical triangle.” He set a “conservative target” of $8.40 and an “optimistic” one of a staggering $48.12. 

Brandt claimed that XRP has “the most powerful chart in all of the crypto world.” It is worth mentioning that the market observers weighed in at the end of last week when the coin’s valuation was well above $2.50. At the start of this week, though, XRP experienced a severe pullback, briefly dropping below $2 and later recovering some of the losses.