This article highlights the active participation of whales and the high expectations from the market for XRP ahead of Ripple's launch of the RLUSD stablecoin, a significant move for this blockchain company. Below is a summary of the key points:
1. Strong accumulation from whales:
• In the past 24 hours, large wallets have purchased more than 830 million XRP, indicating confidence from major investors in XRP as Ripple approaches the launch of RLUSD.
• Data from Santiment and Whale Alert shows a strong accumulation trend, although some investors are also moving coins to exchanges to prepare for profit-taking.
2. Impact from RLUSD:
• RLUSD, Ripple's USD-backed stablecoin, has been approved by NYDFS and officially launched today.
• With support from major platforms like Uphold, MoonPay, and Bitso, this stablecoin is expected to enhance usability and have a positive impact on XRP.
3. Price performance and trading volume of XRP:
• XRP's price has increased by 13% in the past 24 hours, currently reaching $2.67 with trading volume up 156% to $17.4 billion.
• This price increase is supported by institutional investors and positive technical signals.
4. Technical analysis and price outlook:
• XRP has formed a bullish flag pattern on the 4-hour chart, with the old resistance level of $1.95 now becoming support, reinforced by the 100 EMA.
• The short-term price target is $2.72, with the next important levels being $5.85 and $8.76.
• Some analysts predict XRP could reach $9 in the future if it maintains its current momentum.
5. Long-term trends:
• Analysts predict XRP may continue to accumulate or move sideways in the short term, especially during the holiday season, before exploding into a new bullish wave.
• The breakout from the short-term descending parallel channel is also a positive signal, indicating that the correction phase has ended.
In summary:
The launch of RLUSD along with the accumulation move from whales has created strong momentum for XRP, laying the foundation for a new growth cycle. Investors should closely monitor key support and resistance levels to assess the price trend in the near future.
