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XRP has stayed strong so far. Keeping the community spirit high, Ripple CEO Brad Garlinghouse has given an ultra-bullish message about XRP after its recent stunning price surge. He reposted an X post from Austin Reid, the global head of revenue at crypto brokerage FalconX, who declared that “XRP trading is on fire.” Reid noted that XRP’s trading volume has surged 10X between the Q1 and second halves of Q4, and he believes this growth isn’t just due to retail activity—institutions are also driving the current rally.
While the Ripple vs. SEC case is yet not solved, XRP’s spirit remains high, and the CEO’s message makes it loud and clear.
XRP trading is on fire.We've seen 10x growth in volume at FalconX between the first and second halves of Q4. This isn’t just retail action—institutions are driving the momentum.
— Austin Reid (@austinreid21) December 3, 2024
Here is the Up and Down story of XRP.
XRP Remains Unstoppable
XRP has been on a tear, jumping an impressive 117% in just one week, climbing from $1.3 to a high of $2.8. Though it took a slight dip of 24% on Tuesday, it quickly rebounded by nearly 19% and is currently trading around $2.63. In just one month, XRP’s market capitalization grew by $100 billion, and flipped Solana and Tether by becoming the 3rd largest cryptocurrency.
Ripple’s Solutions to Bank Challenges
Ripple has been proactive in addressing the pain points faced by banks in cross-border payments. It recently shared a post highlighting six common issues banks face, including high transfer costs, slow settlement, and limited access. Ripple claims that its payment solutions can solve these problems by providing lower-cost, faster, and more reliable transactions through its network. It basically helps banks to solve the complicated payment issues and make it faster and safer.
Big Investors Driving XRP’s Price Surge
One of the key reasons XRP’s price has been shooting up is the big whales—getting involved. According to Ki Young Ju, CEO of CryptoQuant, XRP has been seeing premiums of 3% to 13% on exchanges like Coinbase, meaning that large institutional investors are driving much of the price rise. Plus, wallets holding between 1 million and 10 million XRP have been loading up on coins recently, buying up 671 million XRP in just three weeks. This is a sign of people rushing in, not wanting to miss out on the price jump.
Could XRP Take a Dip?
Despite its rising trend, XRP’s price might face a correction in the near future. The coin is trading well above its short- and long-term moving averages, which could signal that a pullback is imminent. Key technical indicators like the Relative Strength Index (RSI) and Stochastic Oscillator suggest overbought conditions, which often precede price drops.
XRP may also be in the “markup” phase of the Wyckoff Method, where demand surpasses supply—typically followed by a “distribution” phase that leads to a sell-off.
If a correction occurs, XRP could retreat to test support at $1.9697, a level last seen in April 2021. However, the strong momentum and growing institutional interest could continue to drive the price higher in the long term.
