Ripple could be finishing an intraday corrective pullback
Ripple is a digital payment protocol and cryptocurrency (XRP) designed to enable fast, low-cost international money transfers. Unlike Bitcoin, Ripple doesn't rely on mining and uses a consensus ledger, making transactions quicker and more energy-efficient. It's primarily used by financial institutions to improve cross-border payment systems.
Ripple with ticker XRPUSD reached a projected support at the former wave »iv« swing low and channel support line, so wave »c« of an abc correction in wave 2 can be finished, but first bullish evidence is only above channel resistance line near 2,28 level. At this stage, alternatively be also aware of slightly deeper wave 2 before it finds the support and turns bullish.
XRP/USD two-hour chart
Why XRP is doing so well in the last months?
The reason for recent push higher on Ripple, which has been outperforming in the last few months, is the launch of Ripple USD (RLUSD). Ripple officially launched its U.S. dollar-backed stablecoin, RLUSD, on December 17, 2024. Designed for enterprise-grade payments, RLUSD aims to improve the speed, transparency, and efficiency of global money transfers. It is backed 1:1 by U.S. dollar deposits, government bonds, and cash equivalents, ensuring strong liquidity and stability.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
