How Ripple’s RLUSD Stays Stable at $1 and Its Impact on XRP!

XRP has recently captured attention with an extraordinary price surge, climbing from $0.51 in early November to a peak of $2.90 on December 3. Analyst Steph even claims that XRP holders could become "the richest people you know." Why is that? Let’s dive in!
XRP has achieved an incredible 464% increase in just one month. However, after reaching its peak of $2.90, XRP faced a slight correction and is now consolidating in the $2 to $2.60 range.
Steph, a market analyst, highlights that this is merely a pause before a bigger rally. He points to technical indicators such as Bollinger Bands on the 4-hour chart. According to him, when Bollinger Bands begin to expand, it usually signals that a significant price move is imminent.
For instance, in November, a similar pattern resulted in a 132% price surge. Previous occurrences of this pattern also saw gains of 53% and 120%. With the Bollinger Bands currently expanding, Steph believes XRP is on the brink of another major breakout.
Steph also confirms that XRP has successfully broken out of a bullish flag pattern on the daily chart. This pattern typically indicates that an uptrend will continue after a consolidation phase.
Currently, XRP is holding above a key support level at $2.33. As long as the price remains above this level, the bullish trend is considered intact. However, if it falls below, the bullish outlook could weaken.
Steph adds that the next major resistance is at $2.60. If XRP can close above this level on the daily chart, the next price target ranges between $4.90 and $5 in the short to medium term.
Moreover, he notes that the Exponential Moving Average (EMA) ribbons on the daily chart support this bullish outlook. On December 10, XRP retested the EMA ribbons and bounced back strongly, indicating that the trend remains positive.
Steph also observes that Bitcoin dominance, which measures Bitcoin's market share compared to altcoins, is currently declining. This trend often benefits altcoins like XRP.
On the weekly chart, Bitcoin dominance has broken down from a rising wedge pattern and is now at 59%. If it continues to drop toward the historical support zone between 47% and 50%, altcoins like XRP could enter a significant rally phase.
However, Steph cautions that the 47-50% zone could act as a turning point, where investors might consider taking profits. For now, declining Bitcoin dominance presents a significant opportunity for XRP to hit its $5 price target.
With supportive technical indicators, confirmed bullish patterns, and favorable market conditions, XRP appears to be on track for its next major rally. However, as always, risks remain, especially if key support levels fail to hold.
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