XRP News Now: Amid the ongoing crypto correction, intensified by monetary policy changes in the United States, Ripple Labs-backed XRP has retreated more than 5% in the past 24 hours to trade at around $2.36 on Thursday during the early European session. The large-cap altcoin, with a fully diluted valuation of around $235 billion and a 24-hour trading volume of around $20 billion, has been stuck in a consolidation mode for the past two weeks.
However, XRP price has already confirmed the start of a macro bull run after breaking out of a six-year triangle consolidation following the landslide victory of pro-crypto leaders in the US led by Donald Trump. Furthermore, the XRP/BTC pair has bounced off a crucial support level amid the ongoing altcoin awakening catalyzed by institutional investors.
XRP Whales Carry More Coins
According to on-chain data analysis provided by Santiment, XRP whale investors with a balance between 100 million and 1 billion tokens have added over 860 million XRP coins this week, worth over $2 billion.
During the current bullish outlook, XRP whales have been relentlessly accumulating more coins along the way.
Betting on Robust Fundamentals
Backed by Ripple and its robust business models, XRP has gained renewed interest in the recent past. Furthermore, the ongoing lawsuit between Ripple and the SEC is likely to be dismissed under the incoming Trump administration.
On Wednesday, Ripple Labs launched its fiat-backed stablecoin RLUSD, which received overwhelming support from both centralized exchanges and DeFi protocols.
The launch of RLUSD will significantly strengthen XRP liquidity and enhance the company’s cross-border payments.
Medium Term Goal
From a technical analysis perspective, the XRP price on the daily chart has broken out of a bullish flag formed over the past two weeks. With a potential inverted head and shoulders (H&S) pattern forming, the XRP price is likely to rally towards its all-time high above $3.4 in the near term.
However, a sustained close below $2 in the coming weeks will invalidate the bullish sentiment and prolong the ongoing market correction.
