As the cryptocurrency market cap edges closer to an unprecedented $4 trillion, Ripple Labs’ XRP has captured significant attention for its remarkable performance. The utility-driven altcoin has outpaced other top 20 crypto projects, recording a gain of more than 10 percent to trade around $2.64 on Tuesday, December 17, during the mid-New York session.
This notable surge places XRP within striking distance of retesting its all-time high (ATH) set in January 2017, as it is currently only 21 percent away. Boasting a fully diluted valuation of approximately $265 billion and a daily average traded volume of about $21 billion, XRP has already broken free from a multi-year symmetrical triangular consolidation owing to an impressive rally of over 420 percent in the past two months.
What Lies Ahead for XRP Price?
Having been ensnared in a bearish consolidation for the past fortnight, the XRP price has recently broken out of a descending channel, paving the way for a fresh bullish rally. Esteemed trader Peter Brandt suggests that XRP’s price has finally emerged from a bullish flag pattern, heralding the onset of a rally toward its all-time high.
From a technical analysis perspective, XRP’s next target is $3.4, aligning with the daily 0.618 Fibonacci Extension. For this rally toward the ATH to be validated, XRP’s price in the daily timeframe must consistently close above the resistance level of around $2.6.
Robust Fundamentals Underpin Ripple’s Growth
Ripple has consistently evolved, solidifying its position as a leading blockchain payment company with a focus on the cross-border space. In a strategic move to enhance XRP’s utility in cross-border transactions, Ripple has introduced its highly anticipated fiat-backed stablecoin, RLUSD. This introduction positions Ripple to compete with existing stablecoin giants like Tether’s USDT and Circle’s USDC.
The advancements on the XRP Ledger (XRPL) have significantly propelled the mainstream adoption of XRP. Furthermore, Ripple’s core developers are aiming to implement multi-chain smart contract compatibility for the XRPL network by the following year, a development that is expected to further enhance its utility and adoption.
As Ripple continues to innovate and expand its offerings, the future looks promising for XRP and its stakeholders. With strategic initiatives like RLUSD and ongoing technological enhancements, XRP is poised to maintain its momentum and achieve new milestones in the ever-evolving cryptocurrency landscape.
