- RLUSD launch on December 17 boosts XRP value by over 10%
- XRP regains $2.40 level, currently trading at $2.57
- The market anticipates the potential impact of the upcoming Federal Reserve interest rate cut decision next
The recent reports that Ripple Lab’s new stablecoin, RLUSD, is set to launch on December 17 had also caused an impact on its sister-token XRP. The altcoin had entered the week on a downward trend. Once Monday came, XRP had lost its $2.40 margin, trading as low as $2.36 on this day.
However, following the announcement that RLUSD would be launching on several different exchanges on December 17, XRP quickly reverted its bearish momentum. In less than an hour following the announcement, $XRP gained over 10% in value.
Its growth in such a short time frame was so strong that it quickly re-gained the $2.40 level, and then some. At this time of writing, the currency trades at $2.57, with the potential of breaking above the $2.60 margin very soon.
The RLUSD debut announcement had an impact even on assets outside of the Ripple ecosystem. Following the report, other tokens like DOGE, BNB, and TRX also reverted a daily bullish trend.
The currency’s highest price of the year happened on December 3 when it reached $2.90 when XRP had gained a tremendous amount of value following the U.S. election on November 5th. This incredible forward momentum caused Ripple Lab’s altcoin to emerge as the third most valuable cryptocurrency by market capitalization, debunking established assets like USDT, BNB, and SOL during its rise.
As the market now prepares for a potential new interest rate cut only two days from today—all eyes are on the Federal Reserve given that such an announcement could fuel yet another crypto market rally heading into 2025.
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