Current XRP News: In the context of the ongoing cryptocurrency correction due to changes in monetary policy in the United States, XRP backed by Ripple Labs has decreased by more than 5 percent in the past 24 hours, trading at around $2.36 on Thursday during the first trading session in Europe. This large-cap alternative coin, with a fully diluted valuation of around $235 billion and a 24-hour trading volume of approximately $20 billion, has been stuck in a consolidation mode for the past two weeks.
However, the price of XRP has confirmed the beginning of a macro bullish trend after breaking out of a six-year-long triangle consolidation following the overwhelming victory of pro-cryptocurrency leaders in the US led by Donald Trump. Furthermore, the XRP/BTC pair has recovered from a key support level amidst an altcoin awakening driven by institutional investors.
XRP Whales Buy More
According to on-chain data analysis provided by Santiment, XRP whale investors, with balances ranging from 100 million to 1 billion tokens, have added over 860 million XRP this week, worth more than $2 billion.
In the ongoing bullish outlook, XRP whales have consistently accumulated more coins throughout this process.
Bet on Strong Platforms
Supported by Ripple and its strong business models, XRP has attracted new interest recently. Furthermore, the ongoing lawsuit between Ripple and the SEC is likely to be dismissed under the upcoming Trump administration.
On Wednesday, Ripple Labs launched the RLUSD stablecoin backed by fiat currency, which has received overwhelming support from both centralized exchanges and DeFi protocols.
The launch of RLUSD will significantly enhance the liquidity of XRP and improve the company's cross-border payment capabilities.
Medium-Term Target
From a technical analysis perspective, the price of XRP, in the daily timeframe, has broken out of the bullish flag pattern formed over the past two weeks. With a potential inverse head and shoulders (H&S) pattern, XRP price could recover to all-time highs above $3.4 in the near future. However, closing below $2 in the coming weeks would invalidate the bullish sentiment and prolong the ongoing market correction.
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