XRP Value Reclaims $2.40 As New York Regulator Approves Ripple’s Stablecoin

The Ripple daily chart shows that XRP price has rebounded 24.7% as it moved from $1.90 to reclaim the $2.41 level briefly on Tuesday

XRP price enjoyed a market-leading performance on Tuesday, surging to the $2.40 territory following the New York regulator’s approval of Ripple’s stablecoin. Meanwhile, IntelMarkets (INTL) is making waves with its RouteX21 protocol.

XRP price soared to $2.41 briefly on Tuesday, recovering the majority of the losses incurred during the market crash on December 10. The coin’s market-leading performance can be attributed to the approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services (NYDFS).

The XRP daily chart shows that the coin is trading at $2.30 at the time of writing, having enjoyed a 24.7% gain over the last 24 hours. XRP price is now encountering resistance at the 200-day moving average, which could impede its further ascent.

However, XRP price has managed to breach the 50-day moving average, indicating that the path of least resistance is to the upside. This bodes well for XRP price, which could continue to rally in the coming days, especially if it manages to close above the 200-day moving average.

On the downside, XRP price is finding support at the 100-day moving average, which could cushion any sharp declines. XRP price is also likely to encounter support at the December 10 low of $1.88.

Overall, XRP price is displaying a bullish bias, and a breakout above the 200-day moving average could pave the way for a rally toward the $3 price level.

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