As a seasoned researcher with over two decades of experience in the cryptocurrency market, I have witnessed numerous bull runs and bear markets. However, the current momentum behind XRP is truly remarkable. The utility-based altcoin has consistently shown resilience and growth despite the overall bearish sentiment in the crypto market.
Despite the recent crypto market correction driven by a heated Open Interest (OI) market, Ripple Labs-supported XRP has shown noteworthy growth, hinting at an impending macro bull run over the short term. This large-cap altcoin, known for its practical use and boasting a fully diluted valuation of approximately $64.4 billion, closed last week above significant support points. Its daily average traded volume hovers around $3 billion.
Significantly, the value of XRP increased by more than 9% during the past week, ending the weekly period with a closing price that surpassed its 200-day moving average (MA) for the first time since April.
Significantly, the price of XRP has surpassed a long-term logarithmic downtrend and is now poised for an upward trend approaching its record high in the short term. From a technical perspective, the price of XRP has broken free from a multi-year triangular formation that started following its all-time high in 2018.
Over the past day, XRP‘s price increased by more than 3% and was approximately $0.645 on Monday, during mid-afternoon London time. This boost caused the weekly Relative Strength Index (RSI) to bounce back above 50%, suggesting that the bulls currently have the upper hand in the market.
If XRP‘s price manages to persistently surpass the resistance point approximately at 74 cents during closure, it would effectively disprove any potential drop back towards the 60 cent mark in the forthcoming weeks.
7 years in the making… #XRP
— Zach Rector (@ZachRector7) September 29, 2024
Factors Driving XRP Price Higher
In recent times, XRP, being a coin tied to utility services, has drawn significant interest from large-scale investors, often referred to as whales. The XRP market has seen a surge in activity over the past few months, largely due to the conclusion of the legal battle between the SEC and Ripple, with the payment solutions company recording several key victories.
As per the analysis of on-chain data from Santiment, large-scale investors (whales) have amassed approximately 470 million units of XRP over the past ten days.
Over the last two days, multiple whales have taken out over sixty million dollars’ worth of Ripple (XRP) from the Upbit digital currency exchange.
The rising demand for XRP among whale investors has significantly bolstered the bullish outlook.
🚨 31,000,000 #XRP (19,223,523 USD) transferred from #Upbit to unknown wallet
— Whale Alert (@whale_alert) September 29, 2024
In recent times, the price of XRP has shown a positive trend due to the significant advancements made by Ripple on the XRP Ledger (XRPL). Previously reported by Coinspeaker, Ripple plans to integrate interoperable smart contracts into the XRPL by 2025, which aims to boost the usage of XRP within the web3 sector.
Currently, Ripple is experimenting with the production of RLUSD stablecoins on the XRP Ledger. This move by Ripple into the stablecoin market may substantially boost XRP’s market liquidity and accelerate its mainstream acceptance in the coming days.
Additionally, it’s worth noting that Ripple specializes in optimizing global remittances by employing blockchain technology and XRP. The debut of RLUSD is expected to enhance their efficiency in the cross-border payment sector.
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2024-09-30 13:24