Will XRP Explode 5x After RLUSD Launch? Traders Weigh In
Mustafa Mulla9 Oct 20242 min read
Ripple’s XRP is currently trading at $0.53, and many traders are asking: could it double or even increase by 5x after the launch of its RLUSD stablecoin? This speculation comes as XRP struggles to move past the $0.50 mark, frustrating holders who hope for a breakout that will push the altcoin back above $1.
However, there is a glimmer of hope on the horizon: the upcoming launch of Ripple’s RLUSD stablecoin.
Insights from the Trading Community
Prominent crypto trader “The GOAT TRADER,” recently shared his thoughts on when XRP might see a big price jump. He pointed out that Bitcoin’s dominance in the market is getting close to its peak. The trader believes that when Bitcoin’s dominance starts to decline, altcoins like XRP could experience price increases between 2x and 5x.
He encourages investors to consider buying XRP now, as the upcoming year may be very positive for the entire cryptocurrency market. Bitcoin’s dominance has been rising for several months, but analysts expect it to drop soon. This shift could lead to an altcoin season, giving coins like XRP a chance to thrive.
Key Levels to Watch
The trader also pointed out that XRP needs to close its weekly candle above $0.55. If it falls below this level, it may test support around $0.40.
Similarly, technical analyst Charting Guy echoed these views, stating that XRP and other lagging altcoins are unlikely to see significant price movements until Bitcoin enters a new phase of price discovery. He predicts that XRP will fluctuate between $0.43 and $0.67 until Bitcoin breaks through its resistance.
Charting Guy highlights two critical price points for XRP. A monthly close above the upper Bollinger Band, currently at $0.67, could signal a bullish breakout, suggesting that XRP may finally “moon” and experience a substantial price increase. On the other hand, if XRP closes below the lower band at $0.43, it could indicate a bearish trend, leading to further price declines.
With Bitcoin’s dominance at a potential peak, there is speculation that a drop in Bitcoin’s price could create opportunities for altcoins, including XRP, to rally. However, for now, market sentiment remains cautious.
Is the RLUSD launch the key to XRP’s success? Or is there something else holding the altcoin back? Let us know your predictions!
