XRP surged 13% in the past 24 hours, trading at $2.69, with a weekly increase of 21%.
XRP surged 13% in the past 24 hours, trading at $2.69, with a weekly increase of 21%. This rise coincides with the launch of Ripple’s RLUSD stablecoin, approved by New York regulators. RLUSD transactions burn small amounts of XRP, linking the two assets and fueling investor interest. Ripple CEO Brad Garlinghouse announced RLUSD's availability on platforms such as Uphold, MoonPay and Bitso. Analysts predict RLUSD’s market cap could exceed $1 billion in its initial days.
Whale activity has intensified, with over 830 million XRP purchased over the last day, signaling strong market confidence. CoinMarketCap data shows XRP’s trading volume increased by 156% to $17.4 billion, while year-to-date gains exceed 300%. Despite this bullish momentum, some investors are taking profits, as seen in a recent 69.3 million XRP transaction to Binance. Analysts believe maintaining support above $2.52 is critical, with potential targets at $5.85 and $8.76.
Technical analysis suggests further gains. A bullish flag pattern on the XRP/USDT chart shows support at $1.95 and resistance at $2.72. Analysts like Natalie Dormer and Impulsive Dom highlight short-term consolidation before a possible rally to $4-$5. The RLUSD launch has been identified as a catalyst for renewed bullish sentiment, with analysts projecting XRP could reach $9 if it sustains its momentum.
Ripple’s legal battles with the SEC have also influenced market sentiment. Ripple’s Chief Legal Officer, Stuart Alderoty, criticized the SEC’s planned appeal of a ruling that XRP is not a security, predicting it will backfire and ultimately benefit the crypto industry. The departure of SEC Chair Gary Gensler in November coincided with XRP’s price increasing by over 200%.
Institutional interest in XRP is growing. New York asset manager WisdomTree recently filed for an XRP exchange-traded fund (ETF), which analysts believe could boost demand. Bitrue exchange’s Adam O’Neill expects XRP to achieve a new all-time high by the first quarter of 2025, citing increasing demand and favorable regulatory conditions. He also noted that XRP’s price has risen 400% in the past six weeks.
Ripple’s RLUSD launch and increasing whale activity reflect rising confidence in the asset. While some investors are cashing out, broader market optimism remains strong. XRP’s performance has outpaced Bitcoin’s recent 10% weekly gain, and analysts believe the coin could break key resistance levels, driven by retail and institutional interest. As XRP consolidates gains, its next moves will be closely watched.
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