$XRP

XRP Price Prediction: Whales invest $500M as Ripple secures RLUSD approval in New York

XRP price analysis:

XRP price reclaimed the $2.30 territory on December 11, as New York regulators approved Ripple RLUSD stablecoin launch on Tuesday. With whale investors spotted advancing a buying frenzy, XRP price could be on the verge of a $3 breakout in the days ahead.

XRP price reclaims $2.40 as New York regulator approves Ripple’s RLUSD Stablecoin

XRP price regained upward momentum on Tuesday after anxiety around geopolitical risks had triggered cascading liquidation worth over $1.5 billion across the cryptocurrency markets on December 10.

While the likes of Bitcoin (BTC) and Ethereum (ETH) struggle to reclaim the $100,000 and $4,000 resistance levels respectively, XRP has skipped ahead of the market trends briefly the $2.40 territory.

The XPPUSD daily chart above shows how XRP price rebounded 24.7% as is moved from $1.90 to reclaim the $2.41 level briefly on Tuesday, reversing majority of the 28.2% losses recorded during the market crash on December 10.

Whales invested $500M amid market crash

Asides from Ripple’s RLUSD stablecoin approval, XRP’s rapid rebound also appears to have been supported an unusual-buying frenzy observed among whale investors.

While the global crypto markets entered a tailspin on Monday, in reaction to geopolitical risks, on-chain data trends shows that whale investors capitalized on the falling prices to buy the dip, fueling market liquidity and nullified bearish sentiment.

The Schart below monitors real-time changes in balances of whale wallets holding at least 1 million XRP coins.