News on Crypto Currency: XRP Struggles Near $2.58 Resistance

News on Cryptocurrency: Ripple Delays RLUSD Stablecoin Launch

The cryptocurrency market continues to make headlines with breaking news on digital currencies like Ripple’s XRP. Amid the latest updates, XRP remains in the spotlight with its recent price surge, fueled by anticipation around Ripple’s RLUSD stablecoin launch. Today’s news highlights XRP’s potential rebound, on-chain insights, and key market developments, signaling a promising outlook for the digital currency. Stay tuned for the latest on cryptocurrency, including updates on Ripple, XRP price trends, and other significant movements shaping the crypto landscape.

Crypto Currency News Today

Ripple's XRP, a key player in the cryptocurrency market, experienced a sharp pullback of 11% on Wednesday, following an impressive 400% gain over the past month. The token, which had been leading the charge for the anticipated altcoin season, struggled to reclaim the $2.58 level. Despite this correction, on-chain data suggests the potential for a renewed rally.

Stable Funding Rates Signal Further Growth Potential

XRP’s funding rate remains relatively stable, even after its meteoric rise. According to Coinalyze, these levels are lower than those observed during its February 2024 and March 2021 bull markets. A stable funding rate indicates that the market is not overheated, leaving room for further price growth. Additionally, XRP’s weighted sentiment remains subdued, suggesting that retail traders are not the primary drivers of the recent rally, reducing the risk of panic selling during downturns.

RLUSD Stablecoin Launch Builds Anticipation

Attention is shifting to Ripple’s RLUSD stablecoin, pegged to the US dollar, as traders and investors anticipate its launch. RLUSD is designed to provide a stable transaction asset, and major exchanges like Coinbase are preparing to support it. However, Ripple recently clarified that the launch is still pending final approval from the New York State Department of Financial Services (NYDFS). Ripple has emphasized its commitment to regulatory compliance and assured updates in due course.

Sell Pressure Mounts Near $2.58

XRP faces significant sell pressure near the $2.58 resistance level, with sellers defending this position. The token’s 11% decline triggered over $34 million in liquidations within 24 hours, primarily from long positions. If the price falls further, key support is expected at $1.96 near the 50-day Simple Moving Average (SMA). However, a high-volume breakout above $2.58 could push XRP toward a new all-time high at $3.57.

XRP’s Outlook Remains Promising

Despite the recent dip, XRP's fundamentals and upcoming RLUSD stablecoin launch position it for a potential rebound. Investors are keeping a close eye on market trends and regulatory developments, which could significantly influence XRP’s trajectory in the coming weeks.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making investment decisions. The author and publisher are not responsible for any financial losses.