XRP Shines Even As RLUSD Launch Expected In 2 Months: When Will Ripple Hit $0.74?

XRP is shining at press time. Even though bulls are yet to shake this week’s weakness and break above $0.60, and thus the consolidation, there is hope that XRP will triumph. The immediate target for traders expecting a lift-off should be 2024 highs of around $0.74. Nonetheless, patience should be crucial as this trend develops. How prices close by the end of the day will be critical in shaping the short to medium-term formation. The local support remains at the $0.55 and $0.57 region.

Traders are upbeat, but XRP, considering its volatile and choppy nature, may disappoint. At press time, prices are consolidating. The seventh most valuable coin is steady for now, although trading volume is picking up momentum. Over the past day, it rose to over $1.2 billion.

The following XRP and Ripple news developments should be closely monitored:

• RLUSD could debut by the end of the year, depending on regulatory approvals. The stablecoin, which will only serve institutions, is currently in testnet on Ethereum and the XRP Ledger.
• Grayscale recently re-launched the XRP Trust. The product, the digital asset manager claims, will serve accredited investors, permitting them to gain exposure to XRP. After launching, XRP prices rose as the odds of a potential spot ETF being approved in the future increased.

XRP Price Analysis

XRP/USD is firm at spot rates.

As long as prices remain above $0.55 and $0.57, the path of least resistance remains.

A decisive, high volume close above $0.60 could trigger a wave of buying that may see the coin soar to $0.66.

Favorable as this outlook may be, how XRP closes by the end of the day will be crucial in setting the momentum in the medium term.