đ„đ„đ„ #Rippleđ° News: Why is $XRP Price Up Today?
Ahead of today's FOMC statement, Ripple Labs-backed XRP has gained bullish momentum. The large-cap altcoin, which has a fully diluted valuation of approximately $65 billion and a daily average trading volume of around $3 billion, surged over 8% in the past 24 hours, reaching a 24-hour high of about $0.657.
As a result, XRP has reclaimed the sixth position by market cap, surpassing Circle-backed #USDCâ .
Rising XRP Demand
- XRP has been gradually decoupling from Bitcoin and the broader crypto market. On-chain data from Santiment reveals a significant increase in accumulation by large entities. XRP holders with more than 10,000 units have risen to a six-month high of around 279,400 accounts. In the past five weeks alone, 2,389 XRPL accounts have entered the âsharkâ category with balances exceeding 10,000 XRP units. Additionally, accounts holding over 100,000 XRP units have also increased.
Growth Drivers
- The recent growth in XRP is largely due to improved fundamentals for Ripple Labs in the Web3 sector. Ripple has made substantial advancements on the XRPL, including launching a native decentralized exchange (DEX), automated market maker (AMM), and an EVM-compatible sidechain.
- Ripple also plans to introduce its U.S. dollar-backed #stablecoin on both XRPL and Ethereum networks. To support the RLUSD launch, Ripple is partnering with ClearBank and Zero Hash, among others.
- Moreover, the Ripple vs. SEC case might reach a resolution soon, with a potential settlement on the horizon as the agency has dropped most of its investigations into crypto projects.
Midterm Targets
- XRP could test this yearâs high of around 75 cents if it stays above 66 cents in the coming weeks. The bullish outlook is supported by the RSI breaking out of a declining trend and XRP consistently closing above the 50 and 200 daily moving averages.
- In the event of a broader crypto market downturn, XRP is expected to find solid support between 54 cents and 50 cents.
Source - coinpedia.org
