The post Ripple News: Why is XRP Price Up Today? appeared first on Coinpedia Fintech News
Ahead of today’s FOMC statement, Ripple Labs-backed XRP has gradually gained bullish momentum. The large-cap altcoin, with a fully diluted valuation of about $65 billion and a daily average traded volume of around $3 billion, rallied over 8 percent in the past 24 hours to reach a 24-hour high of around $0.657.
Consequently, XRP regained the sixth position, ranked by market cap, after ousting Circle-backed USDC.
Rising XRP Demand
As XRP gradually decoupled from Bitcoin and the rest of the crypto industry, on-chain data shows large entities have accelerated their accumulation pace. According to on-chain data provided by Santiment, XRP Holders with a balance of more than 10k units rallied to a six-month high of about 279.4k accounts.
The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. pic.twitter.com/JRT3629sJH
— Santiment (@santimentfeed) July 30, 2024
In the past five weeks, 2,389 XRPL accounts entered the shark category with more than 10k units in the balance.
Meanwhile, XRPL accounts with more than 100k XRP units have grown in tandem with the most rice in the recent past.
Growth Fueling Factors
The recent XRP growth is largely attributed to the improved fundamentals for Ripple Labs in the Web3 sector. Notably, the Ripple developers have significantly improved XRPL to attract more DeFi projects around the world.
For instance, Ripple has already launched a native XRPL DEX, AMM, and an EVM-compatible sidechain. In the near term, Ripple intends to launch its U.S. dollar-backed stablecoin on XRPL and Ethereum networks.
To facilitate a seamless launch of the RLUSD, Ripple is teaming up with ClearBank, and Zero Hash, among others.
When a judge signals B.S. on the SEC’s claim that 10 tokens on Binance are securities, the SEC says “never mind.” But these tokens are left out to dry in the Coinbase suit. This isn’t how to regulate. https://t.co/xtfLdXWoO8
— Stuart Alderoty (@s_alderoty) July 30, 2024
Meanwhile, the Ripple vs SEC case could end soon, with a possible settlement, after the agency dropped most of its investigations against crypto projects.
Midterm Targets
$XRP #XRP Massive Symmetrical Triangle Upside Breakout is finally Confirmed.. https://t.co/yRCadhf6Mo pic.twitter.com/04yRdh8FOM
— Captain Faibik (@CryptoFaibik) July 31, 2024
From a technical standpoint, the XRP price is on the cusp of retesting this year’s high of about 75 cents if it consistently closes above 66 cents in the coming weeks. The XRP bullish outlook is bolstered by the fact that the weekly Relative Strength Index (RSI) has broken out of a falling trend.
Additionally, the XRP price has consistently closed above the 50 and 200 daily Moving Averages (MAs) in the past few weeks.
In case of possible crypto capitulation, the XRP price will find a solid support range between 54 cents and 50 cents.
