Ripple's XRP witnessed a strong surge following the launch of its new stablecoin, RLUSD, gaining over 10% in value. This rally allowed XRP investors to pocket approximately $1.48 billion in profits within a 24-hour span, marking one of the token's largest single-day gains in 2024. Despite the bullish momentum, XRP is facing significant resistance at the $2.60 level, with traders now eyeing a potential breakout toward the ambitious target of $4.75.
Rippleโs RLUSD stablecoin has been swiftly adopted across global platforms, including Uphold, MoonPay, Keyrock, Archax, Bitso, and CoinMENA, further bolstering confidence in the network. However, profit-taking among early buyers has added pressure, slowing XRPโs upward momentum. On-chain data from Santiment reveals that whale wallets accumulated over 800 million XRPโequivalent to $2 billionโin just two days, signaling strong buying interest from large investors. Despite this accumulation, XRP's Weighted Sentiment remains subdued, reflecting caution among retail market participants.
Data from Coinglass highlights heightened liquidation activity in the past 24 hours, totaling approximately $26 million, with short liquidations slightly outpacing longs at $13.22 million versus $12.74 million. After meeting resistance at $2.58, XRP has formed a flag patternโa key indicator of potential continuation. If the token can decisively break through resistance levels at $2.58 and $2.92, supported by strong trading volume, it could pave the way for a surge toward its all-time high of $4.75.
The current consolidation phase may suggest a temporary pause as whales absorb selling pressure from profit-takers. Should XRP maintain this bullish trajectory, renewed investor confidence and broader market support could fuel the next leg upward, bringing the $4.75 target into focus.
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