2024

bullish

Zero

Ripple’s native crypto coin, XRP, has experienced a 24-hour 13% price uptick as whale activity and market optimism surged ahead of the launch of Ripple’s new stablecoin, RLUSD. The blockchain firm announced the stablecoin will debut today, and anticipation surrounding the event appears to increase XRP’s market activity. 
According to data cited by crypto market analyst, Ali Martinez, XRP whales have added over 830 million coins in the last 24 hours alone. Whale interest has intensified in recent days, signaling confidence in the asset as Ripple pushes forward with its stablecoin initiative. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Whales have purchased over 830 million <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$XRP</a> in the last 24 hours! <a href="https://t.co/KzNds2CVdf" rel="nofollow" target="_blank">pic.twitter.com/KzNds2CVdf</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1868753464559624445?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">December 16, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Ripple’s CEO Brad Garlinghouse confirmed RLUSD will be available today on platforms such as Uphold, MoonPay, and Bitso, with additional support expected on Bitstamp and Zerohash. 
<h3 id="span-style-font-weight-400-positive-signals-emerge-amid-heightened-whale-activity-span">Positive signals emerge amid heightened whale activity</h3> 
Data from the on-chain analytics platform Santiment highlights strong whale activity involving Ripple’s native coin over the past few weeks. Notably, large holders began accumulating the asset during a market dip in early December, contributing to XRP’s price rise from $0.60 to $0.80. 
While the coin’s price rally has garnered attention, some investors appear to be cashing in on the gains. On-chain tracker Whale Alert recently <a href="https://whale-alert.io/transaction/ripple/8BC09272C995C1C64DB40FCFE994B5908A632F2D2DBBA13F99DB3EC72F3F777C" rel="nofollow noopener" target="_blank">flagged</a> a transaction involving 69.3 million XRP (valued at $175.87 million) moved to Binance by a wallet identified as “rEbXa….poLBo.” Such activity suggests that certain holders may be preparing to book profits following the price surge. 
CryptoQuant, another analytics platform, <a href="https://cryptoquant.com/insights/quicktake/674d358e3f3c6a3c5876c9ef" rel="nofollow noopener" target="_blank">observed </a>that spikes in large XRP transactions to exchanges often coincide with price peaks. These trends indicate that while whales are accumulating, some are also positioning themselves for potential profit-taking as market activity heats up. 
<h3 id="span-style-font-weight-400-rlusd-launch-could-positively-affect-xrp-span">RLUSD launch could positively affect XRP&nbsp;</h3> 
Ripple’s highly anticipated USD-backed stablecoin, RLUSD, is set to launch globally today following Monday’s official announcement. The rollout follows Ripple’s December 10 approval from the New York Department of Financial Services (NYDFS), which greenlit the stablecoin after initial speculation of a December 4 launch. 
The coin has surged over 13% in the last day, trading at $2.67, as its 24-hour trading volume soared by 156% to $17.4 billion. According to recent updates from Coinmarketcap, the cryptocurrency has achieved a remarkable year-to-date gain of over 300%. 
Data from CoinGlass revealed a nearly 21% increase in XRP Futures Open Interest, signaling strong market confidence. 
Other crypto analysts have also shared bullish outlooks for the token, forecasting rallies of up to $9. Maintaining support above $2.52 could be critical for XRP, with its next target at $2.72, and subsequent milestones at $5.85 and $8.76. 
<h3 id="span-style-font-weight-400-technical-analysis-indicates-xrp-s-bullish-momentum-span">Technical analysis indicates XRP’s bullish momentum</h3> 
Other analysts have pitched in on X, including Natalie Dormer, who noted the formation of a bullish flag pattern on the XRP/USDT 4-hour chart. Following a breakout, the $1.95 level, which previously acted as resistance, now serves as support, with the 100 EMA reinforcing the flag structure. Dormer suggested that XRP could experience strong upward movement in the coming sessions. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#XRP</a> XRPUSDT Technical analysis update The BINANCE:XRPUSDT price has formed a bullish flag pattern on the 4-hour chart, with the previous resistance at 1.95 now acting as support. Following the breakout, the retest of 1.95 has been completed, and the 100 EMA serves as support for… <a href="https://t.co/RYLh4jeYZL" rel="nofollow" target="_blank">pic.twitter.com/RYLh4jeYZL</a> 
 — Natalie Dormer (@NatalDormer) <a href="https://twitter.com/NatalDormer/status/1868943432229568927?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">December 17, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
A separate analysis by crypto trader <a href="https://x.com/impulsivedom/status/1868951772020326855" rel="nofollow" target="_blank">Impulsive Dom</a> highlighted a potential sideways movement during the holidays, with last week’s lows likely to remain protected. The analyst suggested that this consolidation could pave the way for a fifth wave, potentially pushing XRP into the $4–$5 range. 
Moreover, analysts have highlighted how XRP recently broke out from a short-term descending parallel channel. This breakout suggests the short-term correction has ended, with the RLUSD launch likely contributing to renewed bullish sentiment. 
<a href="https://www.cryptopolitan.com/crypto-career-launchpad-waitlist/?utm_source=cryptopolitan&amp;utm_medium=banner&amp;utm_campaign=ccl-waitlist-1" target="_blank">A Step-By-Step System</a> To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

XRP whales making optimistic buying moves ahead of RLUSD launch

Table of Contents

Cryptopolitan_News

Other articles published on Dec 17, 2024

Bitcoin’s Path To $200k Shifts Focus to A $0.01 Altcoin Predicted to Lead The 2025 Bull Run

Ethereum Price Surge: Banking Integration and Network Growth to Fuel ETH Rally to $8,800

Dogecoin On-Chain Activity Surges: What’s Next for the Price?

5 Reasons Why Cardano (ADA) Price Could Hit New ATH in the 2025 Bull Run

Ripple Drives XRP To New Heights With The Launch Of RLUSD

Ethena Labs USDtb Stablecoin Launch Gains $65 Million on Day One

Join our free newsletter for daily crypto updates!