2024-12-4 20:57 |
Hedera (HBAR) has been on a dramatic upward trajectory, surging by an astonishing 90% in just two days.
The rapid price rally follows a confluence of bullish catalysts, including market speculation about a potential partnership between Ripple and Hedera to develop a global settlement standard and the filing of the first-ever Hedera HBAR spot ETF by Canary Capital.
Speculation on Ripple’s plan to expand RLUSD to HederaOne of the primary drivers behind HBAR’s recent surge is growing speculation around a potential collaboration between Ripple and Hedera.
Ripple, known for its cross-border payment solutions, is reportedly planning to expand its RLUSD stablecoin to the revolutionary Hedera network privacy layer that was announced by HBAR inventor Dr Leemon Baird.
By leveraging Hedera’s high-performance blockchain, Ripple aims to bolster the utility of its stablecoin, paving the way for more institutional adoption and expanding HBAR’s role in the crypto ecosystem.
Investors see this potential partnership as a crucial move that could further legitimize Hedera’s standing in the blockchain industry.
Hedera’s faster transaction speeds and lower costs make it a suitable platform for Ripple’s RLUSD expansion, providing mutual benefits that could push HBAR’s value upward.
As the speculation intensifies, traders are increasingly bullish on Hedera’s long-term prospects, contributing to the recent surge in its price.
Institutional interest and HBAR spot ETF filingIn addition to Ripple’s plans, another major factor driving HBAR’s growth is the recent filing by Canary Capital for the first-ever Hedera HBAR spot ETF.
The filing signals an important milestone in Hedera’s journey toward greater institutional adoption.
With increasing interest from traditional investors, the spot ETF would provide a regulated way for them to gain direct exposure to HBAR.
The spot ETF could open the floodgates for more capital to flow into Hedera, potentially propelling the price even further.
Canary Capital’s HBAR ETF filing has already caught the attention of the crypto market, as the success of similar ETFs for Bitcoin and Ethereum has demonstrated the potential for spot funds to fuel price growth.
If approved, the HBAR spot ETF could make the cryptocurrency more accessible to institutional investors, further legitimizing Hedera’s ecosystem and spurring further demand for the token.
Technical indicators confirm Hedera’s bullish momentumTechnical indicators have also been highly favourable for Hedera, adding to the overall optimism.
HBAR recently formed a golden cross, where the 50-day simple moving average (SMA) crossed above the 200-day SMA, a traditional bullish signal.
Source: TradingViewThe formation of the Golden Cross has sparked a wave of buying activity, with the token climbing six out of seven days since November 26 and reaching a high of $0.3922—the highest price since March 2022.
With strong technical indicators and growing institutional interest, HBAR could be poised for continued growth, with some analysts forecasting a price target of $0.30 and potentially $0.45 if it maintains momentum.
However, investors should watch for key support levels, with $0.15 identified as a potential zone for short-term pullbacks, especially seeing that the 14-day RSI has climbed into the overbought region.
The post Hedera surges 90% in 48 hours amid Ripple’s RLUSD launch and HBAR spot ETF news appeared first on Invezz
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