XRP has seen an impressive 13% surge in the last 24 hours, trading at $2.69, and marking a substantial 21% weekly increase. This price boost aligns with the launch of Ripple’s RLUSD stablecoin, which recently gained approval from regulators in New York. What makes this development particularly exciting is that transactions in RLUSD trigger a small burn of XRP, creating an intriguing tie between the two assets that has captured the attention of investors everywhere.
Ripple’s CEO, Brad Garlinghouse, made the announcement about RLUSD being available on popular platforms like Uphold, MoonPay, and Bitso. Analysts are optimistic, estimating that RLUSD could achieve a market cap of over $1 billion shortly after its launch.
Adding to the excitement, whale activity has escalated with more than 830 million XRP purchased in just one day, indicating a strong vote of confidence in the market. According to CoinMarketCap, XRP’s trading volume surged by an astonishing 156%, hitting $17.4 billion, and year-to-date, the asset has skyrocketed over 300%. Yet, amidst this bullish trend, some investors are opting to take profits, highlighted by a significant 69.3 million XRP transaction to Binance. Analysts stress that maintaining support above $2.52 is crucial, while they eye potential price targets of $5.85 and $8.76.
Technical indicators hint at further gains ahead, showing a bullish flag pattern on the XRP/USDT chart with support at $1.95 and resistance at $2.72. Analysts like Natalie Dormer and Impulsive Dom suggest a short-term consolidation phase before a possible rally, with projections for XRP to rise as high as $4-$5. The launch of RLUSD has ignited renewed enthusiasm, and if this momentum persists, XRP could potentially soar to $9.
Ripple’s ongoing legal challenges with the SEC have also impacted market sentiment. Stuart Alderoty, Ripple’s Chief Legal Officer, recently criticized the SEC’s decision to appeal a ruling that deemed XRP not a security, predicting that this will backfire and ultimately help the broader crypto landscape. Interestingly, the expected departure of SEC Chair Gary Gensler in November coincided with XRP’s price leap of over 200%.
Institutional interest in XRP is on the upswing, evidenced by WisdomTree, a New York asset manager, filing for an XRP exchange-traded fund (ETF). Analysts believe this could drive demand even higher. Adam O’Neill from Bitrue predicts XRP will achieve a new all-time high by early 2025, fueled by rising demand and a positive regulatory climate. He points out that XRP’s price has surged 400% in just six weeks, a clear sign of its growing traction.
The launch of Ripple’s RLUSD and the surge in whale activity indicate a rising air of confidence in XRP. While some investors are cashing out, the overall market sentiment remains optimistic. XRP has outperformed Bitcoin, which saw a recent gain of 10%, and analysts believe XRP is on track to break major resistance levels, driven by interest from both retail and institutional investors. As XRP stabilizes its gains, all eyes will be on its next moves. More content in ZCrypto.
