XRP
Ripple’s native cryptocurrency, XRP, has seen a 13% price surge over the past 24 hours as whale activity and market optimism increase ahead of the launch of Ripple’s new stablecoin, RLUSD. The blockchain company announced that the stablecoin will debut today, and the anticipation surrounding the event appears to be fueling XRP market activity.
According to data cited by cryptocurrency market analyst Ali Martinez, XRP whales have added over 830 million coins in the past 24 hours alone. Interest in whales has intensified in recent days, indicating confidence in the asset as Ripple moves forward with its stablecoin initiative.
Whales bought over $830M XRP in the last 24 hours! pic.twitter.com/KzNds2CVdf
— Ali (@ali_charts) December 16, 2024
Ripple CEO Brad Garlinghouse confirmed that RLUSD will be available today on platforms like Uphold, MoonPay, and Bitso, with additional support expected on Bitstamp and Zerohash.
Positive signs emerge amid increased whale activity
Data from on-chain analytics platform Santiment highlights the activity of TRON whales involving Ripple’s native token over the past few weeks. Notably, major holders began accumulating assets during the market downturn in early December, which helped push XRP’s price up from $0.60 to $0.80.
While the price surge has been gaining attention, it appears that some investors are cashing in on the gains. TracWhale Alert reported on the on-chain transaction involving 69.3 million XRP ($175.87 million) that was moved to Binance by a wallet named “rEbXa....poLBo.” This activity suggests that some holders may be preparing to take profits following the price surge.
CryptoQuant, another analytics platform, noted that large XRP spikes on exchanges often coincide with price peaks. These trends suggest that while whales are accumulating, some are also positioning themselves to potentially take profits as market activity picks up.
Ripple’s US dollar-backed stablecoin, RLUSD, is set to launch globally today following an official announcement on Monday. The launch comes after Ripple’s approval on December 10 from the New York Department of Financial Services (NYDFS), which gave the green light to the stablecoin after initial speculation of a December 4 launch.
The coin is up more than 13% in the last day, trading at $2.67, with 24-hour trading volume up 156% to $17.4 billion. According to recent updates from Coinmarketcap, the cryptocurrency has seen notable year-to-date gains of over 300%.
Data from CoinGlass revealed a nearly 21% increase in open interest in XRP futures, indicating market confidence in tron.
Other crypto analysts also shared bullish predictions for the token, predicting highs of up to $9. Maintaining support above $2.52 could be crucial for XRP, with its next target at $2.72, and subsequent milestones at $5.85 and $8.76.
Technical analysis indicates bullish momentum for XRP
Other analysts weighed in, including Natalie Dormer, who noted the formation of a bullish flag pattern on the 4-hour chart of XRP/USDT. Following the breakout, the $1.95 level, which had previously acted as resistance, has now become support, with the 100 EMA reinforcing the flag structure. Dormer suggested that XRP could see a bullish move tron in the coming sessions.
# BINANCE XRP XRP USDT
BINANCE : XRP USDT bullish flag pattern on 4-hours chart, previous resistance at 1.95 is now acting as support. After the breakout, a retest of 1.95 is completed, 100 EMA is acting as support for... pic.twitter.com/RYLh4jeYZL
— Natalie Dormer (@NatalDormer) December 17, 2024
A separate analysis by crypto trader Impulsive Dom highlighted a potential sideways move over 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, which could push XRP into the $4-5 range.
Moreover, analysts highlighted how XRP recently broke out of a short-term descending parallel channel. This breakout suggests that the short-term correction is over, and the RLUSD launch is likely to contribute to renewed bullish sentiment.