Ripple investors are turning to a bullish appetite after XRP overtook BNB choin to become the fifth biggest crypto by market capitalization. The boost to XRP’s market cap came in parallel to the anticipation of Ripple’s stablecoin RLUSD getting closer to NYDFS approval.
Both the news has kept XRP prices upbeat, making them trade at $1.80, up 14.38% as compared to same time last day. Â
Ripple’s RLUSD Gets Closer To Approval
The New York Department of Financial Services (NYDFS) is anticipated to authorize Ripple to issue its stablecoin, RLUSD, according to FOX Business.
In order to encourage the growth of international payment and remittance transactions, Ripple intends to formally launch RLUSD on December 4 if it is ultimately approved.
Ripple had recently disclosed the users and exchange partners for RLUSD, an enterprise-grade stablecoin with a USD value.
Strategic partnerships with well-known international exchanges and platforms, such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, will enable institutions and users to access RLUSD globally, once the approval arrives.
For Ripple’s new Stablecoin, the primary goal is to create a currency that is based on “trust, liquidity, and compliance as its main tenets.”
XRP Surpasses Peers To Become 5th Largest Crypto In Circulation
Ripple’s native token XRP has once again made a comeback to the top five cryptocurrencies. The surge in the market cap cements the idea that XRP has been gaining investor traction and confidence.
The surge also comes after the ecosystem got boost from market optimism over SEC Chair Gary Gensler’s resignation.
According to market data, XRP outperformed Binance Coin (BNB) in terms of market capitalization, with a $100 billion market capitalization advantage over BNB’s $94 billion. With this increase, XRP joins the exclusive $100 billion club.
XRP Price: Will It Continue The Upwards Trend?
XRP has seen better trading days since the results of US 2024 elections have been announced. At present, the Fear & Greed Index for the coin is at 78 (Extreme Greed), indicating a bullish sentiment.
Over the past 30 days, there have been 17/30 (57%) green days and 42.19% price volatility for XRP. This shows that the general sentiment regarding the price of XRP is bullish. Data suggests that XRP’s thirty technical analysis indicators indicate bullish signals, while three indicate bearish signals.
One well-liked indicator used by market participants for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. The market for XRP is currently overbought, as indicated by the RSI value of 83.02.